<prompt> Human: My wife and I recently moved into a house with the understanding we would be renting it until we can get financing secured for the loan. The original agreement was that we would simply continue to pay the original note as our rent and once we were able to get financing secured working on raising our credit scores we would get our own loan and purchase the house ourselves.Last week the owner approached us and provided the offer that he would finance it for us for an extra 250.00 a month for 20 years. We wouldnt have to deal with getting a loan and we would just make payments to him. I was leery at first but couldnt really pinpoint why. Now I have a few reasons to be leery but wanted to post it to you all as well.My first reason is I live in Texas where a homeowner can claim their primary residence as a Homestead and you get a reduction on your property taxes. Since he is renting the property to us, we cannot claim the exemption and he cannot since it isnt his primary residence. We lose out on that exemption. The second reason is income taxes. If we rent to own the house we have no claim to interest on our income taxes. This could be a huge thing for us in the future, I think.Finally is the interest rate. We had started a process to get a loan but were stalled out by something on our credit report that we were told we could fix but may take a few months. The owner was generous enough to work with us on getting in the house and getting out of a bad situation we were in. We know the interest rate we would have financed for and I am guessing it is much lower than the owner is currently paying for the property. And then we add his price to it as well and now we are I believe overpaying on interest. Im leaving it up to your brains to come up with anything else I may be missing here? Is it a bad deal like it seems to me? The owner is really a nice guy and has been great to work with. I think hes really just trying to help us out and make a little extra himself but I want a second or 100th opinion here. Thanks!  <response>: This sounds like a very bad idea. Wait until you can get a mortgage from an actual financial institution. 