Basically want the same concept as most online rental services.
also need to know how to setup/manage members,stock and payment options as these are the main things. I've never setup something like this before so could really use some pointers.

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kingjj: If you want this to be a viable business that attracts and retains customers than spend some money and employee a professional web developer/company to build you a custom solution. You will be hard pressed to find a pre made solution that you can customise. Never run a business from wordpress.
A professional will also be able to assist you with proper security and user management. You will need webhosting, a database, an SSL cert (most likely) , domain name, some sort of payment system, user and stock management, support systems.... the list goes on.
Have you ever run a website?
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