Sharique, I just answered similar post and copying same answer here:
assuming that you will be able to handle everything post property type change, here is how you can achieve it.
If your current development version is 01-01-06, First withdraw your property in 01-01-06, or which ever is your current development version.
Next development version which you and your team will open up is 01-01-07 by locking previous version. In this new version, create (NOT SAVE AS) same property with same name and change property type. This will take care of it.
Property name can't be changed directly. You mentioned Rule Type in your question....does that mean property type? If yes, my previous answer will help.Usually Rule type means Rule Templates like RULE-OBJ-PROPERTY, RULE-OBJ-FLOW....etc