Managing Broker, Lower East Side, Milwaukee, WI
This is NOT advised. "Renting to own" is ill-advised because there is no one form to clearly contract both parties expectations. There has to be a rental agreement for certain reasons and also an offer to purchase would be required. Both of these have different rights and expectations and should be prepared by an attorney not a Realtor. Not to mention that usually there's no way to pay a realtor and that will make it difficult to ever sell.
You must find the right renter/future buyer. Rent to Own is a Purchase contract that gives the buyer an out after a period of time for a specified premium which is non refundable. We have done hundreds of these in last 25 years. If done properly expect about a 70% conversion rate.
It depends on the the size of your home, there are no guidelines but you can look at other rentals in the area. A rent with option can get a better rent than a standard rent, with part of the rent going towards the purchase price. Good luck in finding a buyer.