Hi Mr. Clump,
What state are you from? I’m from Florida and I have some forms I use for regular straight options and also non-exclusive options. I’ll be glad to send you copies if you have a fax number. Make sure you check your state laws so you know you can use them. Drop me a PM and let me know.
Go ahead and sign an option agreement with the seller, of course, lower than what you intend to sell it for.
Market the property to find a buyer.
Once you find a buyer at the price you like (higher than your option price), execute a purchase and sale agreement with the buyer and owner (family member) for the agreed price.
Create an invoice for the difference of your option price and the selling price.
Submit the invoice to the title company and you would be listed as an additional payee on the HUD-1. Much like a mortgagee, you will be listed on the seller side along with any outstanding mortgage payoff, transfer taxes, etc…
When you close the title company cuts you a check for your fee.