Absolutely! People have been doing them even wayyyyyyy back in the 1970's.
I've posted in length about the in's and out's along with the positive and negative issues involved in Lease-to-Own deals. Just take a look at my previous posts or my website for a bunch of info.
The late, great Real Estate columinist Bob Bruss was also a big fan of Lease-to-Own deals. He, himself, used this technique to live in one of his houses for about 10+ years! His columns were written for the public and to educate them on various topics. I suggest reading up on some of his columns.
As lenders continue to offer stricter guidelines for the people the lend to....it's opened up the opportunity for Lease Purchases to come back into the marketplace.
If you have any questions, feel free to shoot me an email.