long closing with lease

Thought I would rephrase my question to see if anyone has
any thoughts or can poke anyholes in this method.

I have a signed purchase contract from a seller to sell a
house to me for $410,000 with a closing date of July 15th/2011
(3 years from now)

I have subject to - inspection and approval
of the premises by July 1/2011

I also have a lease seperate from the purchase contract with the seller for $2000/month for the duration of the 3 years.

Am I right in my thinking that this is the same as a lease option?
If I want to buy the property in 3 years I simply remove
my conditions and close and I do not(prices have fallen) I
simply do not remove my conditions and walk away?

In the mean time I can sublet it and collect cashflow.

Any holes in this theory, guys? First time I’ve done this. Thanks