[olecapt]

I too would suggest great caution on a lease option. You can do it but often with much risk. The general rule on lease options is that they don't work. If, for instance, you take a year option and then can't get financing in a year you are out the option costs.

Think about where you want to live and rent someplace close. That will avoid dislocation when you do buy. I can't see a big runup in the next year in the worse case situation for you. So check out Summerlin and nearby. 89134, 89129, 89128, 89135 etc.

[airics]

i also don't see buying in a year as an option because of the shortsale, unless you are going to pay a higher interest rate... maybe 2-3 years..