Rent-out lease with an option to buy

from Big Punisher (Ft. Joe) – Still Not A Player Lyrics on Rap Genius

Meaning

He bought a house with what is known as a lease-option. That means after he is done renting the house, he has the option to buy it if he wishes.

http://homebuying.about.com/od/financingadvice/qt/091007_leaseopt.htm

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