There are plenty of custom-built VTOL models. Most are for fun (as is the case for the entire RC hobby), but I'm sure practical commercial ones could be built if there was really a market for them. Of course, small RC planes can have such ridiculous power to weight ratios and flight envelopes that the distances required for takeoff and landing can be very small.

https://www.youtube.com/watch?v=0d9Eg2s54PM (from this extensive build log: http://www.rcgroups.com/forums/showthread.php?t=1816216)

A production example: http://www.birdseyeview.aero/

One demonstrating autonomous flight with a 3D Robotics flight controller: https://www.youtube.com/watch?v=gEL1gQpDO28