I would suggest renting in an apartment complex. Otherwise you need to check the status of the property being in foreclosure every month. It's not fun having the Sheriff show up at your rental to serve you (the tenant) with foreclosure paperwork. Then if the house gets auctioned at the courthouse the new owner may try to force you to move out. Technically if you have a lease at "full market" rental rates your lease should be honored. If you are paying "below market" rent then I don't think your lease has to be honored.
So just be very careful who you decide to "rent" from and again I would strongly suggest renting in an apartment complex. Renting should be a temporary situation until you can correct the issues preventing you from getting a mortgage so although it may not be "to die for" it's only temporary.
If your credit score is preventing you from buying you may be able to find a credit union to take a risk with granting you a mortgage so you can become an owner. Also if your credit is okay but you lack the downpayment money, we have Bond money from the State of Florida that may be able to give you up to $7,500.