Rent vs. Purchase

I have been looking for property and trying to raise enough money for my hostel for six months now . I produced a nice brochure and business plan that I have been distributing to my friends and acquaintances, I have yet to raise the capital, and have come across some really good purchase possibilities. A friend told me about a commercial property that is available for lease that might fit the bill. Yes it might fit the bill in size and location, but anything like in what I really want. I have been reluctant to explore this option, simply because of the expense in making the building into my dream hostel and not having ownership. I wonder if this compromise is an appropriate alternative if I cannot raise enough capital, and grow the business before purchase?
Any experienced folks with input??