First off, let me say that VRBO has had excellent reviews on this board and has some wonderful deals.
However, if at all possible, I would try to use an owner who accepts credit cards. Using a credit card gives you a little bit of recourse should a problem arise.
I rented a house off of VRBO this summer in San Antonio, TX. It was a beautiful two-story restored ranch house. We loved it - until we found the first scorpion that first night.
Okay, we rationalized that it came in while the doors were open while we were unloading the car. The next night we had 3 scorpions. They just weren't coming out until pretty late.
We were two families, and the smaller children were pretty upset. Fortunately, the lady did return our money (minus the deposit), but we wound up leaving that second night which resulted in our having to stay in an overpriced hotel.
I realized that she could have refused to return the money, and we would have had a major problem. So, I'm planning on trying to stick to credit cards from now on.
Don't let this turn you against renting a house. We've done it several times in Orlando and love it (just no more in San Antonio! LOL).