Make for a tough resell and it's my thinking that you would be discounting on the resell.

If you do a super quick turnaround (for resell or quick refinancing), you can do that.

Once again, full disclosure, I am no expert (newbie), however, if you truly are interested in flipping houses and want a road map to how to go about it I would highly recommend J Scott's "The book on Flipping Houses" (How to buy,rehab and resell residential properties) and as a bonus you get his "The book on estimating rehab costs"!   

I'm not sure if I would buy it and resell it or buy and hold and rent.

Since then, I've been involved not only in purchasing rentals, but rehabbing and reselling (known to many as 'flipping', but I've been trained not to use that word because of negative connotations) for myself and others, property management, project management, and retail sales. 

In addition to this, the deposit gives you access to the following:a.Advanced Deal Analysis Software – enter the purchase price, rehab costs and After Repair Value and we’ll give you a comprehensive break down including costs, net profit, and potential cash to close.b.Access to Proof of Funds – 24/7c.Contracts and Checklistsd.Additional Tools & Resources to help you avoid common pit falls in evaluating, rehabbing, negotiating and reselling the property.e.Your first evaluation is covered with the deposit.f.If the needed funding is more than 70% but it’s still a profitable deal, we’ll work with you to potentially wholesale the property and still make money on the deal.g.The remaining $1850 is rebated back to you once you resale your first property.8.Just like every other Hard Money Lender, one of the biggest challenges is helping new investors get dialed in on establishing accurate After Repair Values.

Also, I want to mention that I am not afraid at all of buying vacant land, building a (very) cute SFH and reselling.

Let's say he agrees, then I would re-sell it to him/her (retail buyer) use another contract I imagine from the attorney.

If your primary intent is to purchase a property to resell immediately then you'll end up paying all the tax anyway.  

The correct term is reselling) who always look to partner on projects and split the profits 50/50.