In other words, those who choose the rent to own option enjoy all the benefits that come along with homeownership, but do it on a "trial" basis rather than getting immediately locked into a long-term, fixed housing situation.

It's basically like taking a home for a "test drive," getting to know the neighbors, local school districts and community benefits (and drawbacks) before making the all-important decision to buy. And, all the while, those who rent to own pay down the principle mortgage balance in part, ensuring that they have some skin in the game when it finally comes time to decide.

However, each rent to own situation is different. Therefore, it is important to have a real estate professional by your side, one who can read all the fine print and confirm that the deal is in your short- and long-term interests.

You can never be too careful.

If done right, rent to own is a great opportunity to eat your slice of the real estate cake and have it, too. It has the potential to be best of both worlds!

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