Hi, options in this case would see you acting something like an agent, then you start falling under the rules of the estate agency affairs act and all the legalities under that.
Options on property fall into the same loop that was killed by SARS with the ousting of the Tripartite agreements of old days where you buyer B would "buy" a property from seller A and the "sell" it to buyer C. Thus A would transfer to C and B would pocket the profit in the middle.
Now you have to transfer A to B to C and so on (ABC rule). Unless you are a developer and have the land on "consignment" and you do the building to sell the "package" to a buyer you still cannot bypass the ABC rule. Even with "consignment land" the ABC rule applies.
Seller as a trader would see the profit in your tax margin and not capital gains. Capital gains only valid after 3 year continuous ownership and you have to personally live in the property for more than 8 months of the year. So we back to the registered vendor and VAT (but VAT registration a little more tricky these days especially on property trading) to deduct your costs etc but then then run into a new problem,
you are now a VAT vendor, you buy with transfer duty (0% upto R500K, 5% over R500k uoto R1 mil and 8% over R1mil plus 25K) and can recover that as expenses, but you have to sell with 14% VAT from R1......problems problems, like I said you can structure it but the rules are very very tight to avoid tax and avoidance issues etc...