Is this an existing strategy?

[Jacob Barnhart]

I was just throwing ideas around in my head and was thinking... Has anybody ever heard of a strategy along the lines of:

1: Showing homes in need of repair to potential home buyers

2: Have the potential homebuyers tell you what kind of renovations they would want in the house

3: Get a contract between you and potential buyers for you to buy the house yourself, do the renovations and then sell the house to the buyers after all renovations are finished.

Essentially instead of the homebuyer buying it and then worrying about doing all the renovations themselves after it has already been bought, they can pay somebody else to renovate it before they put money into it then buy it after it is finished. This way they would be living in their previous home without all the construction until it is finished.