If this is your first buy fix and resell I would suggest taking on something with minimal work needed.

The owner purchase it as a REO, with 90 days no resell. 

I will check the developer's clauses to ensure they don't have any restrictions on reselling lots prior to finished product.  

If you actually buy the house, and resell it same day, you are not acting as an agent.

Its currently leased and my plan for it would be continue to lease it or possibly resell as it is.

Make sure you have a closing or title company who can do your closing.You can always just buy it with your own funds if you have it and then resell if needed.Dont bring a buyer and put them in direct contact with the seller as you might find yourself out of the deal with nothing made on it. 

If you plan on reselling this property and not keeping it, it sounds like your profit will be $3000 on a property that has a $70,000 ARV. 

Broad can be overwhelming...for the past 9 years, I focused on rehabbing SFR for rentals or rent to own, but  looking to explore other areas like resells, commercial, etc...RE is unlimited!

You then sell that contract for a fee or do a double close, typically to an investor who is looking to improve the property and either rent it out or resell for a profit. 

For example 20% of a 25k profit is 5k, and that 25k profit seems probable after paying everybody (realtors, closing and holding costs, interests, etc) in a 90k purchase with 50k in rehab and reselling for 200k Please correct my numbers if somebody seems something oddgood luck and lets is know how it goesNereo