My parents are doing this right now with one of their tenants. Make sure to calculate it out so you do not get screwed if and when you decide to buy. One thing to think about is the financing. Factor in the fact that the interest rate when you may be ready to buy could be quite pricy. Also, be aware that by renting, and not owning, you are sacrificing a pretty stellar federal tax benefit, and therefore are paying quite a bit more than you would if you buy. Personally, I rent until ready to buy due to the cheaper up front price and being able to save a bit more that way. The lack of a write off is a deal breaker for me.