Help please: Guarantees??

[Roy Sahachaisere]

Is it possible to purchase a home from someone, and give them the first right of refusal to buy it back at a specific price at a later date? For example, if I want to buy a  house today from someone for $1,000,000.  Let them live in it and pay me a rent for a while, And then, offer to sell it back to them in 5 years at $1,000,000.   Can this be done?

Thank you, 

RS