rent to buy

Hello everyone,
I am currently renting a property and think that this particular property has huge potential.
As I am not currently in a financial position to purchase this property, I have asked to my father to purchase it on the grounds that my family and I will reside in it for a period of 12 months paying $165 pw, at the completion of this period he would then return the $8580 to me being that this would form part of my deposit to purchase the property from him.
understanding that all needs to be above board I would incur any legal costs that may result from the drawing up of contracts to do this.
Just a bit of back ground
I am 25 years of age
I am currently employed full time,I have been with the same company for 7.5 years,
married with two (2) children
my wife has started back into the work force this week after several years absence in order to raise our children.

I thank you for taking time to read this thread and welcome any comments or suggestions

owen:)
 
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