You have several questions here. There is sometimes misunderstandings help by owner and renter on this subject. There are two classifications. One is the Rent-to-own, which means that the renter will be primarily a renter, with an option to purchase the property at the end of a stated period, at a stated price and within a stated period of time. Usually, the property owner will require a down payment or some funds to negotiate this transaction, very much like a deposit on a rental. The second type of transaction is a Purchase-lease agreement, which is actually a purchase with a deferred closing, which means that the buyer does not have the total funds to close at the present time but expects them in the future (either from a sale of property or from a settlement of some kind) and the buyer needs a 'delayed' closing, and in the meantime, puts down a down payment, agreed to by the parties, and rents until the closing date of the transaction, i.e. when the funds to purchase are available for this purpose. There is a specific time line in the contract and sometimes penalties if the contract is not fulfilled. Either strategies may be good stragefies for a buyer, but sometimes not good strategies for sellers who are at greater risk of having a deal that is not consumated, and a lot of possible legal problems in the future. Caution and the services of a good realty professional and attorney is recommended.