What is the best way to handle a live link in a text field?

We have a unique situation in this app that requires users to be able to edit and also click a live link.

A common use case might be:

• Field asking for URL
• I enter URL
• Someone else sees this and clicks URL or needs to edit URL
• Form is submitted

Originally I was thinking the text field had a save/edit button next to it but this seems clunky, as the field can be for any basic text as well. Any thoughts?