Hi Erica,
I agree with everything Scott said. There is one additional thing I want to point out to you. Make sure that you not only get yourself qualified before you delve into this, but make sure that the homeowner is credit worthy also. Many sellers are offering lease/purchase options but are in a tight credit crunch themselves. Make sure they are going to be able to hand over clear title at the end of the option term.
Another site to check is
http://www.screnttown.com. I don't know if they have houses available in your area or not, but they are investors who offer rent to own.
- Tue Oct 14 2008, 07:09