Try contacting one of the local mortgage brokers to get more info. Enid Adinolfi, Residential Home Funding Corp. 631-946-2931.
No one answered your question, so the answer is pretty much, it's not advisable. Rent to own is geared for the seller/landlord. Not advisable.
I have done just that in the last year with 2 properties. It is not easy, somewhat "interesting", but very doable. And Kathy is right, the contract has to be very speci ... more
From what you wrote, I did not see if you were buying this with mortgage or cash? If cash, you pretty much stuck, if mortgage, there might be a way.
I think you should speak with someone in Mississippi. They can help you much better, knowing the the rules and regulations for your state.
There is an Exit Realty office in Great Neck. They can help you further with any of your real estate questions and sale of your property.
I use Enid Adinolfi, Mortgage Broker from RESIDENTIAL HOME FUNDING. Great person and gets the job done. 631-946-2931.