Hi Tim and thanks for asking for assistance!
There are no one size fits all answers to your request. Most sellers will look at your situation listen to your explanation of why you have bad credit think about their comfort level from there. The more you put down, the easier it is.
There are just as many scams out there on rent to own options are there are real opportunities so be careful! (for example, what if you do what you are supposed to and make your payments on time and the seller never pays their payment and the home goes into foreclosure instead of ultimately being sold to you?
Make sure the underlying loan on the house does not have an alienation clause (due on sale) that the bank can trigger making the entire loan due and payable if they find out!
Run a credit check on the seller to make sure they don't have issues they may not be able to resolve when it is time for you to close (i.e. is the ex still on title or is the home tied up on Probate Court).
As you can see, one size does not fit all!
Contact a reputable agent and share your unique case with them, then develop the right plan to go foreward. Do not post your personal details online for all to see (i.e. income, debts, etc.)
I personally own a few rentals in Boise that I would entertain a lease to own on. One of them is free and clear (no mortgage) so I might entertain an Owner Carry contract on it. Let me know what requirements the home should have, what you want for a comfortable monthly payment (shouldn't be more than roughly 30-40 percent of your monthly income (before taxes, etc.) and the situation behind your credit.
Sometimes, we can work around the credit issues and get you in sooner than you think! (i.e. bankruptcy 3 years ago and clean credit since could still get you a loan today!).
Hope this helps!
Owner/Broker - Progressive Realty Corporation