I do find that agents are quick to bash rent-to-own transactions here on Trulia, but their recommendation to get fully informed is right on point. Each states have their own requirements, too.
There are many who attempt rent-to-own who quite honestly have no business doing so. And if the professional/investor can't tell you the difference between a lease-option, a lease-purchase, seller financing and land installment/contract for deed...find someone who can and better yet has successful experience with all of them or at the very least with the type of transaction you desire.
We've done hundreds of successful lease-options (it's all we do now, but we've also done the others mentioned above) where it was truly a win-win for both the owner and the tenant/buyer. It may take awhile to find the right match (therefore your marketing has to be right on point), but it can certainly be done legally, ethically and with full disclosure in writing.
I'll leave you with encouragement to consider the source of your information...both when it's positive and negative reviews. You certainly wouldn't go to a pediatrician and ask if a certain brain surgery is right for you. It's the same with real estate agents and real estate attorneys...know their specialty and/or specific experience. And always remember there always at least two sides to a story.
Usually rent to own programs benefit no one but the owner. It might make more sense to save your money, repair your credit and buy once you're financially able to qualify for a mortgage.
Rent to own is not generally an option with Bank owned properties. I've heard of some test markets where this may be tried, but I wouldn't count on it.
Hire an agent to investigate the Rent to Own options in your area. If there are any bank options, they will appear.