owner hold while I rehab

[Anton De Vries]

I have come across a deal that could net a nice profit, and  am a little strapped on cash as ive invested in another deal. I am looking at a house that needs around 10 - 12 k of work. The seller has had the house on the market 42 days with only one offer. here is my offer i want to make, and want to know if I can do this legally

- 10k under list

-owners take the  house off the market

- they hold the house while I invest my money to rehab

- after rehab the house is releisted with the same agent 

- at selling they get the price we agreed on and they pay their costs of that price to the REA

- at selling I pay my costs on my profit to the REA

How do I protect myself legally? I have not presented the offer yet, I want to make sure this is something I can do. Thanks for the help

[Manolo D.]

Paul Amegatcher So what if the owner decides that he can delay the mechanic lien for a couple of years while enjoying his new rehabbed house, and don't pay your rehab + 5k for the reason that he simply doesn't have to yet. Since he will not be selling, he could care less about the lien now. And, if you go to court and you win the rehab + 5k, how much work, headache, and etc are you willing to go through that, and at how much cost, so the judge now says you won, how are you going to collect?