This is a great question, and I wanted you to know that you should work with a Realtor on this so they can confirm any owners caution flags! What I mean by that is, you want to know that the owner is solid with their lender and not behind on the mortgage. A bad situation could occur, if you get all moved in and then the lender forecloses, and you get stuck with lost deposits, and not having a roof over your head. So, no matter what you do, make sure you work with a Realtor. Ryan, Jennifer, me, doesn't matter! Just be safe; not sorry!
I completely DISAGREE with Mr. Ed Alvord when he said "no matter what you do, make sure you work with a Realtor". As a NON-REAL ESTATE AGENT, i'm able to help more people and work more creatively than when I had a license. And besides, many Agents are not educated on how to put together anything other than a "retail buy and sell, close in 45 days" deal.
Definitely work with someone who is VERY familiar with Lease-to-Own deals and creates win~win situations. If all the paperwork is done correctly and you understand all the points...it benefits both the seller as well as yourself (the buyer).
As Ed Mcnamara mentioned.....look on Craigslist under "for Rent" and contact homeowners (NOT Property Mgmt Companies) to see if they'd sell you the house at the end of the lease. You may be suprised how receptive they will be. Obviously, some are looking strictly to rent, but some will entertain your offer.
Best of Luck,
Bill Sharp David Skelton
Marketing and Sales
Phone:918-967-9334 or 918-919-0806
Here is the catch; be very careful about owner financing/lease purchase. These are very risky agreements and expert help should be obtained. At minimum legal advice. The worse case scenerios are abundant and this is an area of real estate in which most of the 'risk' is stacked against the buyer.
I'm not sure why you are looking for owner financing and would want to know you explored all options to include bond, USDA, etc....
Let us know if you can help and best of luck.
Bean & Dunn Real Estate