02466 is Auburndale MA.
That being said, you can advertise anything, but I'd ask your attorney this question.
Also, if you are in MA, most P & S agreements have a paragraph where you are allowed to assign your interest before closing.
It usually requires a 7 day notice before the closing if you plan to do so.
Thus in theory, you could sell your "option" to buy the property that you have in place because of your P & S agreement.
I have not seen this done too often.
As for the advertising, I would disclose that this is a property that you have underagreement, and I would not mention what you plan to be selling after your re-construction, unless you already have the permit(s) in hand.
Again, your attorney can direct your efforts.
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A lot of what is allowed and not allowed shold be spelled out in the Purchase and Sale agreement. Most flippers here retain the right to assign the contract (for a fee) and also have the right to enter to repair and show the home. But that's here in Massachusetts.
Check with an attorney.
If it is a typical p&s the answer is yes. Do you have nominee in the p&s or do you have to close simultaneously
You can advertise it on mls with the proper disclosures (check with your local mls)
I'm curious if you prepared to close if you don't flip it? Do you have anything at risk?