Mark is not too far off base. Most folks who are in the position of needing to rent-to-own or do a land contract have poor credit, and smart people aren't going to carry the note unless you put some skin in the game (down payment) AND there is a good return for taking the risk (high interest rate).
People "like" to own homes, but they don't "need" to own homes,and locking yourself into a rent to own or land contract just limits the type of homes you can get and in the end you wind up paying more than you need to.
The marketing machine that is the real estate industry would have you beleive that owning a home is a basic human right and that you're "just throwing money away" by renting. And they also want you to believe that you need to buy NOW. But the truth is, some people are better off renting than buying. The perfect time to buy is when you are ready. People buy houses when the economy is good, when it's bad, when rates are 3% and when they were 8%.
If owning a home is your true goal then there are no shortcuts. I'd recommend getting your financial household in order - which includes establishing good credit, developing a budget and sticking to it, and saving some money each month. Learn to do this and you will open up a world of options, and they won't be outrageous.
I would suggest the first thing you do is figure out your bottom line. What I mean by that is you need to know what it is going to cost you to rent the property. Things such as insurance, property taxes, mortgage payment (if there is one), maintenence. Then you need to decide who will be responsible for paying the utilities, trash removal and so on. After you have a bottom line then you will want to research similar properties in the area to see what they are going for and how that compares to your bottom line. In the end you may find that renting in your area may be diffacult or wont bring in enough to cover your costs. After you decide how much rent you will be charging I strongly urge you to seek legal counsel in drafting the lease agreement. If I can be of any more assistance please do not hesitate to contact me... more