Rent to own properties are also called "contract for deed" properties. The Texas Property Code governs these type of transactions, and there are very strict contractual and notice requirements in the statute. The reason why the statute governs these types of transactions so heavily is because they are very easy to abuse - in the past, unscrupulous individuals would convince tenants to sign these contracts, with the promise of future ownership, and then use any excuse to cancel the contract, keep all the money, and sign up someone else. It was a way for a property owner to get the property back and avoid the hassle of going through foreclosure. Could you imagine if you paid 10 years on one of these contract for deeds, just to have the owner find an excuse to cancel the contract, keep your ten years worth of payments, and you have to start all over again?
I do not recommend rent-to-own situations. There are other options available, depending on what your goals are. If you're worried about being approved for a loan, there are sellers out there that will carry a note and finance themselves - you'll probably pay a higher interest rate and payment, but it is an option. My recommendation is to find a mortgage lender and get prequalified for a mortgage, so you can see how much a lender would be willing to lend, and what the monthly payment would be. With that information, you can then make a better decision as to whether you want to buy or rent. Good luck!