L/O housing slow down scenario

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What do people think about lease options in the future? In other words, lets say the housing market does sizzle down a bit. How do epxerienced L/O investors look at that? If you do a L/O with a 1 year lease, and the market prices go down, wouldnt that kill your deal? You might be stuck with just a rental in the end IMHO. However, I have never done a L/O before, so I was just curious to see what experince has to say.

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