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How to bring up and negotiate "rent to own"?

We just started renting a home from our friend's parents. We love the place and we can see us living here one day (Southern California).

We haven't rented it for long and we are not sure if they would consider selling, but we are interested and not sure where to start.

Would love to hear your stories (good and bad). Also, would love your feedback on the following:

What's the best way to approach this with the owner?

How is the rent and a portion of the rent used at purchase?

Do you decide a price of the house early on or once ready to purchase?

What's the risk(s) in doing this?

What if there is a decline in the market and the home is much less at time we want to purchase? Does this matter?

What if we don't want to purchase down the road, but are setup to do so?

submitted by /u/incognitokindof
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source https://www.reddit.com/r/RealEstate/comments/ij5vca/how_to_bring_up_and_negotiate_rent_to_own/
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