The only way you could buy this home while renting is if you can get the homeowner to agree to a purchase contract with a closing 2 years or more from the date of the contract, while you rebuild your credit . (We no longer do "rent to own" contracts in Florida). In order to do this "purchase with long closing date" type of contract, you would most likely need to put down a substantial down payment which would also most likely be non-refundable if you failed to get a mortgage at the agreed upon time of closing. You would have to do your inspections now and you would risk losing value in the property if the market continues going down instead of turning around and going up. For example, if you agreed to pay $100,000, put $30,000 down and moved in, paying rent, and then at the time of closing the appraisal said the house was only worth $75000, you would have the choice of walking away and leaving your $30,000 in the owner/landowner's hand, or going ahead and buying a $75,000 house for $100,000. While it is possible that the value might go up instead of down, you would still have $30,000 invested in a property for 2 years with no guarantees that you will even be able to get a mortgage at that time.