Lease Option With A Lease Option?

Is there a way to purchase a property on a lease option, fix it up, and then work out a deal to have someone else buy it on a lease option from me at a higher sales price and higher rent? Can you have them under this type of contract and buy the home from you inturn paying off the guy I originally had the first lease option with. Can this be done even though I never actually own the property, only the option?

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