As per the link http://www.premier.sa.gov.au/MediaSearch.asp?Action=Search&choice=News&id=1092
quotes:”involves selling a property on a rent-to-buy contract and is illegal in South Australia” – this suggests the contract is a single contract which would be illegal as far as I know. So just have one contract for the rental and one for the interest in the future purchase.

Quote: ““The purchaser has no security or equity in the property until settlement. Any breach of contract, such as missing a payment, could see the purchaser completely lose his or her investment. This is a high risk scheme for the purchasers.” – You have no security or equity if you rent any way. Don’t have a missing payment claus

Quote: “‘Wrapping’ involves the sale of a property by instalments over a long period, with the sale price most often set up to 20% higher than the market value of the property. Payments are made weekly and referred to as ‘rent’, however these payments are usually higher than normal market rent for the property as well.” – Don’t do any option payments , just rent it a little higher than normal rent-if you have too. Sign the option to purchase cheaper.

Yes you will loose the option fee if you stuff up, so rent it, do it up, buy it and sell it.
e.g. 2 year rental, with the option to purchase.

Keep it slow and simple

If the house is not worth more than the price you set when you need to buy – don’t buy it!

All the best
Allen [email protected]
P.S. this is a simple rent and buy option – the goal is to secure the house you may want to keep or profit from.