Creative financing for flip question

[Andrew Hamlett]

So I have an opportunity to purchase an off the market deal from someone we know. Because of the deal, I think we could make it work but would like to cut out the hard money lender. Wondering if there was a structured way to make an agreement with a seller, hold it for 3-4 months during rehab after agreeing upon a price, offer some percentage above that based on sale as a carrot, maybe upside based on final price. In the meantime, we handle the rehab, insurance, marketing, etc.  How could you come up with an agreement to protect yourself as well as the seller for the duration of the process, is that possible, has anyone here done something like this?  Thinking some type of an agreement or owner financing type structure and take that to a title company?

Andrew