Good for you........I know you will reach your goal.......
All the best!!
First of all, you will have very few, if any, homes from which to choose.
Most sellers who want to sell, and CAN sell, sell now, not later.
You will be asked to give a NON refundable deposit. If you do not buy the home for ANY reason, you will lose that deposit.
You may also be asked to pay rent OVER and above the usual rent. Only that extra rent would be applied to the purchase (IF the bank will allow it).
You lose that extra rent,too, if you do not complete the purchase.
"Rent to own" usually favors the owner, not the buyer.
If you have financial issues now, you better be certain you will qualify for a mortgage at the end of the term, or you risk losing money.
What I think you need to do is SIT down with a reputable mortgage rep and explore your options.......see exactly what is standing in the way of you buying a home in the "normal" way, and work on a plan to improve things.
Rent to own is NOT an easy road to home ownership - there are a number of potential pitfalls - make sure you are fully informed, as most consumers do not understand how it really works.