Buy and Rent to Own to Seller?

[Account Closed]

I haven't begun investing in real estate and only just begun researching methods and such for the first time in years...

Is the idea below a common idea, good idea, bad idea, wackadoodle idea? And if it exists, what's it called? so I can research more.

I'm hypothesizing a strategy of buying people's residences (in low- to medium-income, working class neighborhoods) and renting it back to them in a rent-to-own scenario. Obviously many people would fail to pay rent on time, but I'm not approaching this trying to evict former homeowners...

I'm curious if there's a way to do this (sell to rent to own) in a way that is mutually beneficial = earns me a good return relative to risks + also helps them with financial struggles.

Could that be done successfully without being a cutthroat? and is it already a common practice?

Thanks!