Buying to resell, lease option or contract

[Jeff S.]

Just talking with a local agent I've come to know. She has a buyer that lost an offer on a house because her identity was stolen. She is looking for a owc deal. The broker suggested I buy something and resell to them on a contract collecting a spread on the interest. What kind of profit could an investor hope to be able to make on this deal? Mark-up the property or interest margin only?

Second situation: borrower is a minister and financing backed out on a deal they had on a house. Apparently the underwriter came up with a problem with the way the pastor is paid. They want a lease option. She is suggesting I buy something for them and try to make some money here.

Looks like to me the only way to come out much ahead is to buy something that needs work and improve it and resell it. All in all it sounds like a lot of work. Any thoughts? Anybody try or do this?