Greg is right. You can buy this property with no money down due to its rural location, using a program run by the USDA. The monthly payment would probably be between $600 and $700 depending upon how much the property taxes are. I do these loans if you're interested.
"Rent to own" homes are very hard to come by, and lenders will be very difficult to deal with when you're actually ready to buy, with regard to crediting you everything the seller may have offered you. The documentation between you and the landlord/seller has to be just so, in other words. If you are unable to buy now, even with zero down, you are probably better off renting and saving your money for whatever small downpayment you may need to buy another house in the future, if any. If you'd like to talk, just shoot me an email at firstname.lastname@example.org.... more