Just signed a Purchase for 296K on a house in florida. I found a buyer that wants to buy it for 350K. The buyer is going to obtain a conventional mortgage. I am not sure what to do from here. Do I draw up a new purchase agreement between myself and the buyer? I heard something about doing one transcation between the seller and the buyer and putting my profit as a line item on the purchasers side of the settlement statement. how do I do that or should I say what is the best way to go about this so I can get paid? any help is so much appreciated.

Thats done via assignment of the first contract, although some title companies will allow you to have two contracts one with the seller and one with the buyer and they will make it as an assignment.

Call title companies and see who would close such deal and what do they need.