Basically this is how rent to own works. usually the seller requires a deposit of about 10% of the purchase price. (In this case about $5800) You agree to purchase the home on a specified date usually in 12 mos. You will pay a rent that is above the market rent and this extra will be placed into an escrow account which will be used to build up your down payment. At the end of the term,you will have a down payment which you will take to a lender to obtain financing. The drawbacks are (1) if you do not go through with the purchase you will lose your deposit & escrow funds. (2) if the property goes down in value during the lease ter,you are still locked in at that price. i suggest you contact a local agent who can help you through this process.