mary, if you rent points from a DVC owner you are basically the owner's guest.
Your room keys will be marked with DVC member. Although technically you are not really entitled to any of the perks that members are entitled to many people report that they receive the benefits anyway.
One item to note though is that your room will not be cleaned everyday. Part of the tradeoff of being a DVC member is that a full cleaning everyday is not included. Every 4th day you will receive a trash & towel day (mousekeeping comes empties garbage and changes towels) and the 8th day is a full cleaning. These can be rescheduled to different days but the length of stay must qualify for those services. You can choose to receive mousekeeping everyday but it is extra.
Renting points is an economical way for someone to see how great it is to be a DVC member.
Just wanted to add that another benefit to renting from an owner is that you will not have to pay any tax on your room. DVC members do not pay tax.