Option - In legal language, a real estate option is an agreement that grants the party owning the option, the optionee, the exclusive, unrestricted, and irrevocable right to purchase property from the party selling the option, the optionor, during the specified period of time that the option is in effect.

I'm wondering if it is possible to control a house using an option to purchase in order to renovate the property (fix and flip) without actually buying the assett with a HML. Obviously the title doesn't change hands, and I do not believe there is any equitable interest in such a scenario (which also means one cannot market the property). However, as it seems most things concerning contracts are negotiable, is it possible to theoretically construct a deal like this, assuming the sellers agrees to it and it is written within the contract. Can the owner in this case, deed equitable interest or some other legal instrument to allow myself to actually not only make repairs on the property but only pay the owner after the house is repaired and the house is actually sold? Technically with an option, I would have the legal right to purchase the property at any moment. However, it all comes down to how much control I actually have in the property. Would I be allowed to perform repairs on the property? Would I be able to acquire a loan to cover the repairs on a such a property? If so, that would be quite powerful in that case.