Newbie Wholsale Questions

[Ryan Larry]

Hey everyone!

I am new to wholesaling in baltimore and have been following the forum for a while but still have a few questions that I dont believe I have seen addressed elsewhere, and was hoping you can help:

-When a deal is made between the seller and I, does the seller hold my deposit, or is it held at the title company?

-When signing contracts between the seller and I as well as between the end buyer and myself, is is it customary to sign in front of a notary? If no, how is information/identities verified? If yes, do you just use a local bank?

-Has anyone ever encountered a property in a not-so-great area where the reapirs needed to fix the house cost more then what one could actually sell the house for?

-Does anyone have a pdf/excel breakdown of renovations costs with low-end, avg, and top-end renovations that covers all repairs that could come about when fixing up a property?

-I have read elsewhere on the forum about contingency clauses, and understand that this is a LAST resort but I wanted to get an idea for what other wholesalers favorite or prefered contingency/out clause was?

Thanks in advance for responses =]