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You can protect yourself by having an attorney write the purchase agreement for you. You will write the agreement to purchase the property before you move in. You won’t have a lease and you will have a contract to purchase the property for a set price on a set date. It is that easy. If you hold up your end of the contract then you can’t have any problems. Unless… during the time that you are in the rental stage the owner can refinance or sell to another buyer. Ask for references and check with the Better Business Bureau in your area and see if you are dealing with a real company. Don’t fall for the traps of “No banks needed” or “seller financing”. If the owner is going to do a land contract then you should take title to the property when you move in. If it is a rent to buy or rent to own then you will definately need a bank to finance the mortgage when you do actually purchase it. This is one way that the owner makes extra money. They make you pay a huge deposit knowing you can never obtain the end financing. They also promise to contribute from monthly rent to your purchase again if you can’t qualify for the mortgage you usually get nothing back. Usually rent to own only makes sense if you know you qualify for a mortgage now but don’t want to purchase the property till a later date.