Most people don't know about this unique opportunity. If you ask most agents about these programs they will say that Sellers won't do that. That is not true! Here are the benefits on both sides of the equation.
Seller will still get all the tax benefits of owning the house until the RTO (rent to own) Buyer gets financing to cash out the Seller.
The Seller will have a quality tenant who will take care of the property since the intention is for the RTO Buyer to purchase the house. No calls about the toilet not working, etc. That is the responsibility of the RTO Buyer. They are in training to be a homeowner.
The RTO Buyer benefits by moving into the house that they want to purchase. They don't have to worry about moving again unless they decide they don't want to buy the property any longer. The RTO Buyer and Seller negotiate the terms of the Option to Buy. There is usually an Option Fee that the RTO Buyer gives to the Seller. This is usually similar to 1st & last month's rent plus deposit. This fee tends to be non-refundable but gets applied to the purchase price.
The purchase price is determined by the Seller. Sometimes it is not determined until the time of financing. Sometimes it is determined today and is usually higher than market value is today. Every situation is different similar to mortgages. The more you put down as a down payment, the lower your monthly payment is as well as your debt.