Once you own the home you can do whatever you like with it. But bear in mind that the lender who is being shorted may or may not agree to the sale of the home once the plan to do the rent back to the current owner is disclosed. And, as was previously stated you would need to disclose that to the lender's (both the one loaning the money to you and the one who loaned money to the seller).
As long as you are doing everything above board and everyone involved agrees then you would be fine with purchaseing the home as an investment property (which in and of itself is fine) but be prepared for the fact that the lender that you get your mortgage may charge you a higher interest rate based upon the fact that the home is intended to be non-owner occupied and therefore presents more of a risk to them.
Hope that helps.
Take care and have a great day!
Tisza Major-Posner, Realtor, IVPG Realty (909) 837-8922 Tisza@HomesByTisza.com