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How do we treat a "Rent to Own" agreement for rental properties?

We have acquired 4 rental properties from an LLC and in 5 years, we will own these properties.  The agreement is titled "Contract for DEED (Bond for Title" and there is a section in the agreement that states" Whereas, Buyers agree to lease and subsequently to purchase said property under the terms and conditions set forth herein."  The closing for these properties is not until 2021. The original owner still holds the titles, pays the insurance and property taxes.  We collect the rent and pay him a lump sum each month. We pay for minor repairs and maintenance on the houses.  We have leases signed stating that we are the landlords.  Do we list these houses as rental properties that we own although we don't own them?  Can we depreciate them?  If we can't depreciate them, can we write off the monthly payment to the owner of the houses as an expense? This is a very unusual situation.