If you have already gone this route and want to look into a RTO take your time for two reasons: 1) Prices will continue to drop, and 2) there a lots of ways for the Buyer to come out on the short end of the stick. See:
My Advice to you may not be what you want to hear, as my advice will cost you money before you even talk to a Loan Officer and a Realtor. But, as the old saying goes,"Don't be penny wise and pound foolisih."
You need to consult an Attorney licensed in California (where you live) who is versed in residential real estate law. If you want to do what you refer to as RTO (rent to own), that process has many pitfalls to address & there may be spceific laws in California that address and control the subject.
I am a Realtor & Attorney, licensed in each profession in the State of Ohio only. This year I will celebrate my 30th year of my law practice.in Ohio. I am well versed in this topic in Ohio and I know that you need the same such experience in the attorney you hire and the Realtor you work with.
Best of luck in your future home purchase,