Rent to owns are rare, and even more rarely are they a good deal for the renter/buyer. You are just a tenant until you are able to qualify and complete the mortgage. Landlord/sellers love these because they collect up front non-refundable deposits and over market rent and rarely ever see them complete the sale.
A better option is to solve whatever issues are preventing you from buying now. Save your down payment, fix your credit and make a real purchase from a lot more choices when you are really ready. Credit repair can happen quicker than many people realize. There are lenders who assist buyers with legitimate credit repair. See if you can find one and consider either an outright rental for a shorter term of see if you can qualify to purchase right away.
I would advise renting until you can qualify. That way you will be able to buy the home you really want and you won't pay too much for it.
Sometimes buyers can qualify earlier than they think they can. Our lender does have some specialized niche programs you might want to look into.
There are also additional niche programs that may come up from time to time that go quickly. (Each loan program is funded by an individual investor, so when the investor funds run out, the program ends. Many such programs are never even advertised.) And if none of those programs work for you, our lender may be able to assist you in repairing your credit quickly.
Hope this helps!
Berkshire Hathaway HomeServices
The Tonnesen Team - with over 30 years of experience helping families call Las Vegas "home!"
You can call my agent Miranda Robinson for details and her number is 702-239-4401
Licensed Real Estate Broker NV#62827 MA#9530304 RI#18138
NV Broker & Team Leader of The Adams Team at Rothwell Gornt Companies
MA & RI Broker at Sankey Real Estate