Most co-ops do not allow such a scenario, as boards do have their financial requirements that must be met, each building is different. Keep in mind that rent to own can be risky and one could stand to lose a bit of money, therefore inform yourself well beforehand. Rather if you haven't done so yet, visit with any licensed loan officer, see if you can buy outright.
Hi Jen - Most co-ops are NOT available rent to own due largely in part to strict co-op laws which prevent renting. But the good news is that this is a great market for buying. If your credit is not great then a 6-12 month credit repair plan may make a difference. Also, as long as your credit has no 30 days late, you can qualify for a mortgage with a 580 score. I can help with real estate in New York and Connecticut and mortgages in New York State. Contact me anytime. 914-299-0420