Unless you have decent credit scores you may have a difficult time renting let alone rent with option. There are basically two ways it works. You give the owner a bunch of money up front that you lose if you don't purchase and then pay them extra rent each month that will go towards the purchase and you lose if you don't purchase. The other was is you might find an owner who is not represented by a good broker who will let you sign an option to purchase without the above. In the first scenario you can do ok if prices rise and you purchase the house. It can work out for the owner as they have sold there house and if you don't purchase, they have made a lot of extra income. In the second scenario the homeowner who is not represented can get taken to the cleaners either way. If the house goes down in value, then you don't buy and he loses because he didn't sell when prices were higher. If prices jump up, you buy the house or sell your contract, pocket all the profit and have risked nothing. In either event, have everything in writing and have a lawyer review it. Real worthwhile rent w/option places are extremely rare. Beware of scammers as they are not rare. They rent a house (or occupy it some way) and then rent w/option to you. You give them a chunk of change for the option to purchase a house they don't own. You start making your payments and they go in the scammers pocket. Rent w/option can work, but there are many caveats. In 20+ years I've handled 2 that resulted in a purchase. Please excuse typos as I didn't check.