I am pretty sure this has been answered, but I am new here and am not sure if Theme Forest allows this. Can I submit a theme to Theme Forest that was for sale as a psd file—but I purchased it and coded it up or does the author alone reserve that right? Thanks,
When you purchase a theme, you don’t own any rights to the file beside being able to use it on one website at a time for life.
So no, they won’t allow that. Although that would be a cool idea for people to code it up, submit it and a portion goes to you and the rest to the original author.