Pre-Selling a Flip

[Andrew K.]

I'm sure some of you have run into this before. A property I purchased in an amazing neighborhood has garnered some interest already (before even starting on any work) from friends/colleagues of friends. One in particular is very interested and would like to know how it would all work. Letting them have some control of customizing would need to be accounted for in how the pricing works out as well. I'm a general contractor so I have a good idea as to how to structure the selections and budget, but when it comes to the commitment to buy, I could use some guidance. How do you all structure a pre-sale deal? Of course, there would need to be a contract and a significant down payment up front to guard me against them backing out, but specifically how is this done? Any insight from people that have done this before would be much appreciated!