@Robert Sims Let's separate the 2 parts of a lease option. Unless there's something very odd going on in Texas, subletting is unlikely to be the issue, so the lease half of the deal is fine. So any legality is probably going to revolve around the notion of selling an option on a property you don't own, which is going to be a problem in every jurisdiction, not just Texas.
The way you resolve that is to either sell your option (assignment) or sell an option to buy your option, instead of selling an option to buy the property.
Hope that's clear. Rereading my own response sounds like I'm talking in circles LOL!
From the way I learned them I would think they should work in most other states, even expensive ones (California, New York, etc.). Ive been taught that if you can find the motivated sellers willing to do a terms deal and the tenant buyer who could qualify that you could do it anywhere.