Flipping a house without owning it?

[Eric Jones]

I have a second cousin with a vacant home that he would like to sale. It is essentially an interior flip and new windows, as the siding, roof and mechanicals are just a few years old. Have any of you structured a deal where you rehab a home without buying it first? One offer I would like to make him, is to rehab the home without buying it, I would get the profits from the flip and he would get a pre negotiated price for the home. I like the idea of only having one closing and being able to start the project sooner. I would enter into a legal contract that explicitly states the terms. Thoughts or suggestions? Thanks, Eric