I know there are people who do this. But, I think it is state dependent. Some states allow for this option, and I believe it is widely exercised in the states that allow it. But some states, do not allow it. So, you'll have to do some research.

I've also heard of a few families going in together and splitting the cost of a tutor(s) and letting it run like a school, but it is technically homeschooling.