Why Rent , why not to purchase it now? If you can not qualify and you just need time to establish credit worthiness that can be a good option. However, why would a seller/landlord sell to you when they can just rent it out? The owner will have to benefit from this arrangement.
Here is a sample that helps both parties. Let's say current rent/fair market value (FMV) in the area is $1,600 - I know of one for rent at 1775 Ohio 2bdrm condo. You can offer to pay the owner/landlord $1800. So you are paying $200 more a month. Which "IF" you opt to purchase than $2,400 will be reimbursed or credited to your towards your closing costs. If you OPT NOT To purchase, that will be money you forefit for not purchasing.
Also, what price would you purchase at current FMV or in the year when you purchase. The market is going up so a seller/landlord will want to use the upswing value since it's increasing...... And you obviously would want to use the value NOW. There a so many variables to consider.
Usually in this market, the best scenario for you is to just rent until you can save money and buy in the future. I hope I clarified some things. Call me for more details, I need to know your motiviations and more details to be able to answer this thoroughly.
Lesley Harris, Realtor
Cal Tex Properties & REO