I would start with an experienced local realtor and a real estate attorney. Realtor can help you find the places and negotiate terms and conditions. Your attorney can review and give suggestions to protect you. Rentals with option to buy are becoming very prevalent here in the northeast due to high inventory and long days on market. Most sellers are either selling/renting their homes and looking to get their expenses covered at the very least. The important fact for you to remember is that it is negotiated well and failrly. I am not a proponent of putting a 10% non-refundable down payment. That can be a huge chunk of change. Typically there is some kind of non-refundable down payment put down, or perhaps better still, a higher rent with a percentage going towards the purchase price. The important thing for you to remember is that EVERYTHING can be negotiated to mutual satisfaction. If the deal is one sided towards the seller, or something you find hard to swallow, than listen to your gut and move on. There are plenty of opportunities out there for you! good luck!

Mr. Bob Bruss was a great real estate columnist who wrote on different topics for the general public to educate themselves, one being Lease Options. I have included this link to his information.

http://www.bobbruss.com/reports/3346ipr299.htm

I have also answered this question many other times on this site. Just click on my "answered questions" and that should provide you with the information you need to start making an educated decision of whether a Lease with the Option to Purchase is right for you.

***ONCE AGAIN, DO NOT listen to agents and brokers who tell you that "typically" you have to put 10% upfront or that "usually" Lease-to-Own's last 12 months. I've gotten houses on a Lease-to-Own basis for $1 and Mr. Bob Bruss, himself, was involved in a Lease-to-Own which lasted 13 years!!!!!!!! Realtors try to persuade you to put as much as you can upfront to make the deal more of a "sure thing". In fact, in most states, you DO NOT HAVE TO PUT ANY MONEY UPFRONT when doing a Lease Option!!!!!!!!

I do suggest to acquire the services of a TRUE Lease-to-Own Professional and an attorney who is VERY familiar with these kind of deals.

You need to understand the basics of rent to own or lease purchase. this is going to be more expensive for you in the short run than a regular lease or even outright purchase. It works well for people with substantial income but credit issues.

1. the seller will require a (nonrefundable) deposit,usually 10% of purchase price.
2. You agree to purchase at a specified time(usually 12 mos.,but negotiable)
3.you pay a monthly lease which must be above market rate.
4. The deposit and extra money are put into an escrow account to build up your down payment.
5. At the end of the 12 mos.(or whatever is agreed upon) you take your down payment,go to a mortgage lender & get financing
6. if you do not go through with the purchase at the apecified time,you lose your escrow funds. this is to compensate the owner for keeping the house off the market.
7. if the house depreciates in value,you are locked in at the original purchase price.of course,if the house appreciates,you come out ahead on this.

There are a lot of pitfalls in this kind of arrangement,so please contact an agent to protect your interests.