This is not the best real estate climate for these type of transactions. You would need to determine a price up front for purchase later....price is still very volitile to the downside. Financing will become more difficult going forward due to the eventual increase in interest rates and program guidleines...example, FHA just increased the amount a borrower has to have in the deal from their own funds and increased the upfront mortgage Insurance premium. Also, you are hooked with a larger monthly lease payment and required to maintain the property. I suggest the old fashion method of saving money and establishing a monthly rental payment that when combined, has you confortable with a future mortage payment.