Assigned Contract - renovate - Double close

[Daniel Koehr]

May have an option for some creative financing but do not know the lingo. I met a lady who wants 340k for her home. I do not have the money but told her I could fix it up over 6 months (ARV around 440k) and once I sell it, would give her the 340k. So its essentially a double close but I would renovate it first. Is this common and is there a certain term for it?