Good afternoon, Earthruler:
There are a number of fraudulent rent to own schemes currently happening. Be careful! I'd find a good real estate attorney to advise you in every aspect of the rent to own transaction and draft your agreement. Also you should get a pre-approval, pay for a home/termite/radon inspection and survey and get a title search and an appraisal just like you would if you were buying a home. Usually it is better to wait until you can qualify for a home than to do a rent to own. If you appreciate an answer, please give thumbs up. For the most helpful answer, please say thanks with a best answer click.