Here is a thread offering information and suggestions about "How To". Rental Primer
Just remember that all DVC reservations are under the control of the member right up until the renter check in at the resort - so be sure you are comfortable with the person you deal with - especially regarding payment schedules and cancellation policy. These policies will vary from person-to-person and are usually NOT as comfortable as dealing directly with Disney. In addition, rentals will not have daily housekeeping (just like DVC members) without paying additional at the resort. Magical Express and the Dining Plan may be offered - the member will need to make those arrangements for you in advance.
First, please be sure and educate yourself on how a DVC reservation is very different from a regular hotel reservation, and the basics of renting points, as it is often referred to.
And, of course, after you have done the reading Doc and Mike suggested, come back HERE or to the DVC Operations Board to ask any specific questions you might have. Discussions are not allowed on the Rent/Trade board.
Most of the discussions about renting take place over on the Operations board, and if you look through the threads over there, you'll find several ongoing threads that may also help.
i rented in nov 2006 and had a great experience. i had tried renting earlier in the year but had no luck (kind of a busy season for DVC during the holidays) but something opened up in october and i grabbed it. the member had a decent posting history on the DIS and had rented before (when i got his information, i also googled him and did a little research that way), so i had a good basis for trust when i paypalled the money.
i had read enough on the boards to understand that i was "on the hook" for payment and there was no backing out if something happened and i had to change plans, so i think he was comfortable that i understood the transaction. i had a great time at SSR and had a chance to take the boat over to OKW and check out my future "home" while i was there (my resale contract finally closed in dec 2006.)
but even though i trusted the member i rented from, it kinda made me nervous not having control over the reservation. renting can work out great (and it does require less of a financial commitment upfront) but i definitely preferred the process when i reserved OKW for dec 2007 as an owner...
I rented points last summer (June 07) and I am renting points again for August from the same member. They were very helpful and accommodating. We had a contract and a payment schedule worked out before hand and that helped to put both of us at ease I believe. The DVC member was always available when I had a question, request or needed to make changes.
It is difficult to put your trust & money in the hands of someone you do not know. But I read all the information on the Dis and tried to be as knowledgeable as possible prior to our transaction.
We had a great vacation and we are looking forward to another great vacation. Good luck