I doubt you are confusing lease option with the option I told you about the other day RD? In any case they are different. I was talking about a option to purchase a home that is for not for sale but the owners know they want to sell in a year or two. The idea was and is along shot but not out of the question.

Lease/Option if you are renting what you like and aren’t paying extra for it would be fine too. Don’t pay extra for the option or the periodic rent.(this might get contradicted but let’s see)It is a hedge against being forced out of the rental after your lease expires and in the case that you would rather not leave. It could still work as a hedge against prices going down but let’s be serious. Do you really need that? I have not done one of these but I imagine you would not want the property to be encumbered above your option price and have stipulated in the option contract that it can’t be encumbered above this figure during the option period.
I don’t know. I never like to eliminate my “options”.

EDIT: You could also, as you probably know, just ask for a lease with an option to renew. How about a lease with an option to renew or purchase?