Cloud mining is the same as when you mine your own coin. The difference is that you don't need to set up any software or hardware in you location, you just need to buy the amount of GH/S you need and it will be mining for you until you decide to sell it back to the exchange. Setting up a account only takes a few minutes and if you already have some bitcoins you can mining in less then 5 minutes. If you don't already have some bitcoins you will need to purchase them from a exchange or from someone that has some for sale locally. You can find the information on how to purchase Bitcoin in the F.A.Q section.
You get the GH/S right away. If you pre-order a Bitcoins Mining Equipment you will never be sure that the manufacture will deliver the units in time to still make it profitable due to the difficulty of mining going up. No maintenance or electricity fees ever. Sell you GH/S at market price for Bitcoins at anytime you don't want to be invested in Bitcoins mining.
Right now the only possible way is with Bitcoins you already have or purchased..
We heard it in 2013 and it seam to be working really good for us. Maybe other companies out there offer it but it is more a yearly contract and most of the time you can't sell them back the GH/S.
You should always inform yourselves about any laws there is in your country on Bitcoin in general. Cloud mining is like mining on your own equipment the only difference is that you do have to worry about the rest. So basically if it illegal to mine Bitcoin in your country we wouldn't recommend cloud mining either just to be on the good side
There are always people ready to trade G/PS for bitcoin on the website where you normally purchased the GH/S. You can sell it back to the highest bidder at that time.