The problem with doing lease options is that it's a job--you need to keep doing them to keep the money coming in.
You can make good money at it, but it's money being paid for you to find, negotiate, and buy properties at a discount, then rehab them, and then find, vet, and resell it to a quality tenant.
You're cashed out after a few years, and need to lather, rinse, and repeat.
Not something I'm a fan of, but if you LIKE doing those things, and want it as a side-gig, go for it. It's not traditional "real estate investing," but rather a real estate business/job finding and creating lease option opportunities, but that's fine if that's what you're looking for.
There's a ton of things to watch out for, I've been to a number of seminars and looked at lots of contracts for them, and it's way too much to type up. I'd suggest getting a lot of education around it before you pull the trigger, or you could get in a big mess. Definitely look up your local laws around it as well. Asking for "typical terms" (thread title) shows you have a lot to learn, but at least have a place to start! :)
And make sure you read GCC's horror story about it also.
Good luck!