How does rent to own work?

[Kate B.]

I have a property in Worcester, MA that I could sell for about $250,000.  It's a three family.  Someone in the neighborhood, a contractor/remodeler wants to rent to own the whole three floors.  Usual rent is $1,100 each unit.

How would rent to own work?  Also, is it a deal for a seller?

My plan for most of the money is to invest it for retirement in stocks and bond funds.  I'm not intending to use more than $40,000 for something other than that.

I just want to know how it works.  Thank you very, very much to anyone who can enlighten me!