The con's of renting to own are - what happens if the owner defaults on their mortgage and the bank forecloses on the home? This happens and you may not have any protection against this.
There are also a limited number of homes available to purchase through rent to own. You may want to also look at possibly owner based financing if the owner does not have a mortgage on the property.
The pro's of renting to own are that it allows you to get into a house and work on your wife's credit and you finding a job. But, if something happens and you don't find a job and your wife doesn't improve their credit then you may get evicted and lose your deposit.
You should examine all avenues available to you. Sit down with a reputable loan officer (I'd be happy to share my preferred list with you) and find out exactly what you have to do to fix your wife's credit and what income you'd need to have in order to qualify for the home you want and find out what kind of loan programs are out there for you to purchase a home.
Century 21 New Millennium... more