Legal Question in Business Law in California

You're free to try. There's nothing inherently illegal about what you describe.

But speaking in practical terms, a buyer who is willing to spend so much money is going to do some research -- both about the property and about you. She'll figure out what you're doing and deal directly with the seller instead of making you rich.

As a lawyer with 12 years experience on top of 38 years varied post-graduate business experience, I'd say no. The seller will not transfer title to anyone who hasn't made some kind of commitment, such as putting up a deposit. Flipping properties, especially those in the $5 million and up category, requires some kind of financial commitment, and assuming some degree of risk that things won't go as imagined.

I can't say it's impossible to pull off a deal of this kind.......I just can't give you a formula or recipe that is likely to work without you taking some risk.

Advising you properly would require a lot more information, including your own experience and reasons why there might be such a large discrepancy between the seller's asking price and a potential buyer's willingness (and ability) to pay.

Yes you can. You have to work out a double escrow. This is where you make a deal with the seller contingent upon factors including the purchase. It may be difficult to get them to accept such terms.

At the same time you contract for sale of the property with the buyer, subject to your obtaining the property.

Unless you are a licensed real estate broker, you can't earn a commission. If you can't buy and resell the property through a double escrow, then you could try to negotiate a straight 'finders fee' from the ultimate buyer. If serious about getting legal help doing this safely, feel free to contact me.