Do banks allow rent-to-own contracts with tenant?

[CL Ziegler]

Question about banking rules in Georgia:

My realtor brought me something to look at today, a 3/2 brick home not on the MLS but the owner wants to sell out. The long term tenant in the house wants to buy but his credit isn't right presently to get bank financing.

My agent said if I want to buy the house with the tenant staying in the house, then I do a rent to own contract for the tenant, that he could be paying toward his future ownership and I could clear over $250 monthly. I'd be helping him out and making $250mo for my trouble. She said plus, the tenant would be responsible for all repairs because he's renting to OWN.

I told my agent, 'but I will have to finance the purchase so there can't be a rent to own contract if I carry a note on the house.' 

She said 'oh yes you can do that.'

So does this sound right to you guys? I am in Georgia. I don't know if the laws here prevent this type of deal.

As always, thanks in advance. You guys are the best. Viva La biggerpockets.com !!!