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Rent w/Option to Buy

We are 1st time landlords on a home we couldn't sell. It was on the market for 3 years before deciding to rent. Our new tenants want to rent for a year with an option to buy at that time. However, they have a defaulted mortgage on their credit history and can't get a bank loan. They want to make monthly payments with interest to us.  What are the pros and cons to this scenerio?
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