You can. I did that for decades until I got tired of maintaining that server.

Use a reputable VPS provider (one that's not likely to tolerate their customers being spammers), once you get the server check the IP against various blacklists (get a new server / IP if that happens). Make sure you set up your SSL certs and DKIM, SPF and DMARC properly.

Across the years, I had very few instances where my outgoing mail ended up in someone's spam box.