Rehabbing a flip to order

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I have come across an investor in my area, where inventory is so thin! He is hopeful with the demand that his flip can get into contract with some of the work not done and let the buyer choose flooring, cabinets , paint ect. This sounds like it is opening lots of doors for issues on the buyer changing their mind or needing lots in documentation. But I understand the perk of lining up a buyer in a market with such high demand as this.

Anyone done this or seen it done well?