What do you mean, "possibly". You wrote the contract and it's right there in front of you - is it "lease to own" or not?
This is a month-to-month lease? If not, what was the lease term? Have you started seeking a replacement tenant?
If your claim is for a months' rent, that's something you can try to recover in small claims court. If he's a deadbeat (and it sounds like he is), there's no guarantee that you'll be able to recover the money. But in all honesty, you're better off learning the lesson while only losing a month's rent, than learning it after he moved in, trashed the place, and ran up a six month arrearage.
Next time, don't settle for less than a full security deposit up front, no post-dated checks permitted. And any time you have a tenant who is late with rent, serve a three-day notice so that if they don't keep to their word about paying you can quickly continue with eviction.

