Is it possible to wholesale a property without buying it?

[Frank Reyna]

The method goes like this: Find a run down property> skip trace to contact owner> offer to buy but really you're getting them to sign a contract> advertise the property EX: Craigslist> then offer the property to another investor 5k to 10k more than what you offered the owner and thus that would be your profit. Now my questions:

1. Is such a thing possible?

2. If so, what kind of contact is used to initiate the process?

If you do this or have done this before please share your knowledge! I want to hear your stories.

-Frank Reyna, 17