Tammy, you are describing a Lease Option. Before you exercise a Lease Option, there are many factors to be familiar with.
If you decide to go this route in the future, make certain you do so with a seasoned agent who is experienced in Options.
Just to name a few factors: you complete a Lease and a Purchase agreement in the beginning; therefore you complete all inspections, etc. as if you were exercising the option. Also, for your protection you will want it recorded, etc.
There are equity owners who will entertain Lease Options (abbreviated for Lease with Option to Purchase).
Typically they want more down than 10% to cover commissions, closing, etc.
I would suggest you wait until you have enough down.
There are always good buys and you will witness quite a few in the next two years.
Disclaimer: The above is just a professional opinion.
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