I'm going with no.

by R. Proffitt Moderator - 11/5/12 3:22 PM

In Reply to: Transferring iPad without Reset by JanelleLove

Since iTunes purchases are yours and not theirs those would usually have to go. Let's see if anyone writes how to change owners.

http://www.tuaw.com/2012/03/17/giving-your-former-ipad-to-a-spouse-or-family-member-the-quick/ covers the basics well.
https://www.google.com/#hl=en&safe=off&tbo=d&q=+site:discussions.apple.com+how+to+transfer+your+ipad+to+a+new+user&sa=X&ei=0kmYUNmjCKrqiwK-q4GgDg&ved=0CDcQrQIwAA&bav=on.2,or.r_gc.r_pw.r_qf.&fp=ebd4e5c75c6ee834&bpcl=37189454&biw=1366&bih=599 sees that your question or close to it has been discussed.

I'm going with no.
Bob