Renting out a house I am renting to own.

[Kyle Grimm]

Can I RENT TO OWN from a family friend and then turn around and rent that house out?  

The Situation:  4 girls including my sister (college students) are looking for a property to rent in my hometown while in school.  One of their dads (close family friend) has offered to buy them a house and rent to them.  He is a banker and not a landlord.  

My idea is present him with this deal:  "You buy the house and RENT TO OWN the house to me.  And I rent that house to the 4 girls.  You would be making a return on your money and have no headaches with maintenance or collecting rent.  I will be managing the property and be paying you directly."   What do you investors think?  Could this work?