Hi as far as i am aware i am able to lease/rent a domain from my domain control panel to whoever by simply changing the nameservers.

Now i recently did a domain transfer to 1and1, in order for a domain to be transferred 1and1 had requested me to tell the current domain holder to release it by changing the domain namesever to 1and1's nameservers, and then to my suprise the domain was within my account to manage within hours.

Now if i was to lease a domain and changed the nameserver to whoever they could possibly request a transfer and then steal the domain? Am i correct?

No, you would go into your registrar's control panel and change the nameservers to point to your renter's website. The renter should not have access to your domain's control panel & would not have access to change the domain's contact info.

To provide your domain on rent to anyone. You should just change the nameserver of this domain name pointing to the web hosting server of the renter. You should not give access to the renter of 1and1.com control panel.

Changing the nameservers is the way to go to keep you in control and ownership squarely with you.

But be warned, make sure some form of contact is in place, or rental agreement, remember if the site is used for a fraudulant purpose, the authorities pick on the person who owns the domain as well as legally you are aware of what your domain is being used for.

Regards,
Chris