Flipping to an already known, eventual owner

[Henry Lorraine]

Maybe some of you have some creative ideas in the following situation:

I happen to know someone that is looking for a house in a certain neighborhood, and wants one turn key, move in ready in a certain budget. There  aren't really any good options for them, however I do identify some houses that could be flipped into the condition they are looking for. If I wanted to get involved in this, I see 2 options- 1. Buy the house, make the investment in the renovations, and sell to the known buyer directly. The risk here is that they may not end up liking the end product and then I have to sell retail with all the risks associated (and in a flip that I normally may not have done had I not had a buyer at the onset). Lastly, this doesn't seem so efficient as now there are fees associated with the property changing hands twice, which seems like a waste. 

Option 2 as I see it, the buyer buys the property and also finances construction cost, and I come in and essentially just GC the project as if I'm a regular renovator. I'm really not interested in GCing in this situation so that's less than ideal.

Any thoughts?