Need a rent (lease) to own (Orange Park: credit score, house, to buy)

[Tex2Jax]

Due to stupid mistakes in the past, my credit is now shot. My credit score is at a 550. I would like a rent to own in the Orange Park or Fleming Island area. My income allows me to pay anywhere from 1000-2000 dollars per month. I need a 4+ bedroom and 2+ bath house and about 2000+ sq. ft. A pool would be nice. Everything I have is paid off.
I have seen many homes that fit this bill on rental.com and other websites, however, each of them want more rent than the usual amount to use toward a down payment in the future. I am looking for someone who will "tote the note" for me until my credit situation improves, which will probably take about a year or possible two. Any ideas?

[riveree]

Renting a house is one price, but if you took that same house and did a "Rent To Own" it WILL cost you more...that's how they work.

The owner of the home has costs to carry each month. If they rent you the house, they need to cover their costs and they deserve to make a profit for their troubles as well (believe me, being a landlord = troubles!).

Let's say you could rent the house above for $1200/mo., but you work out a rent to own agreement with the owner. The two of you sign a contract, you agree on the purchase price of the home and what the downpayment will be. The owner is now essentially holding the house for you and accepting your downpayment in small monthly increments. The owner still needs to carry the same costs, but you also need to put a certain percentage towards your downpayment each month, so maybe the rent is $1200/mo. and you put $300/mo. towards your downpayment for 2 years (you agreed to buy the house in 2 years), so that would make your monthly payment $1500/mo.

Go into a rent to own cautiously, the failure rate is high and you often forfeit the money that would have been applied towards the downpayment...that's how it is. Better to fix your credit and wait if possible.