HUD wholesaling question - Still confused, Please Help

[Drew Dickinson]

Here in my situation:
We (my wife) got a HUD deal under contract that we were gonna flip ourselves; we got it OUTSIDE of the exclusive owner occ period. We decided to buy something else to live in and wanted to flip this to someone for some money. I don't have the cash to close and no transactional funding.

So we found a guy who really wants the place and we added him to the HUD contract (which was easy). Now he wants to make sure that there are no deed restrictions and also how the logistics of this work out. Any advice?

I know this could have been done better but this is my first wholesale and at this point I just really want to sell it to him and he really wants to buy it. We have to stay on the contract or else HUD just puts the place back on the market and we lose our deposit and extension money.

What is the best way to do this? I have heard from people here that there has to be two closings and two transfer taxes paid which is fine. This is supposed to close like yesterday so any help would be awesome. Can't we just sign an agreement ahead of time stating that we will be removed from title in exchange for the fee that we have already agreed to?