I personally don't like this idea. In my experience few people end up buying. This presents a problem as your contract normally obligates you to buy and puts your down payment at risk if you don't. If you want to rent --then do it, RENT. If you want to buy, then BUY, but don't mix the two. We've recently taken steps in Texas to prohibit these types of transactions. There are still people advertising such schemes and think they have a way around it, but the intent and content of the law is clear-NO RENT TO OWN. There's a reason for the law and that is that there were too many bad guys out there taking people's money in a lot of different ways. As a person wanting to rent you put yourself at some risk agreeing to these transactions.

There are houses everywhere available as rent-to-own. Some will be listed on the MLS as such. I don't specifically know about Texas. However, there are many techniques--some working through Realtors, some working on your own--to find them.

However, Texas has very, very specific rules on such transactions. As I understand it--and I'm not a lawyer--there are ways to accomplish a rent-to-own in Texas. However, it must be done absolutely in accordance to those very strict guidelines.