In a recent options class in Tampa, there were several investors successfully using the contract for option for tenants. They were using it with tenants with marginal credit to get them qualified for a loan. Many lenders will treat financing an option buyer as a refinance, which is faster and less expensive for the borrower. Many people have had short sales and foreclosures and still want to buy their own home.
The contract for option is a good device since it doesn't create the risk of having to foreclose a tenant with a real option. That took me a year to foreclose an option tenant and was very expense. The contract for option tenant does not receive an option until they make all the scheduled rent payments. This is a good market for that tool.