Trying to get into REI, few questions

[Giorgios Katehis]

Hey everyone. so I heard about REI in the form of wholesaling and I really wanna learn more about it, and I've been reading guides and how-to's. I'm a 19 year old college student and I really want to start generating income from now and set my self up for success when I'm older. So for all intents and purposes I live in NY, and through my reading i've come across certain questions that confuse. This may be long, but i appreciate every piece of advice given.

1) When exactly do i contact a title company or a real estate attorney or agent? I'm not sure which one is important to me, and when exactly do i contact them. I know I call to open escrow, and i believe it's right after I sign the Purchase and Sale agreement, but i dont know much more than that.

2) How does it work if there is a mortgage on a home. lets say a home is work 120k, with 10k needed as repair, and 60k owed on a loan. So i would take 100k times .7, thats 84k. then minus the 10k is 74k. then the 5k for myself is 69k. If this deal goes through, the seller would only make 9k. why would they do this instead of selling it themself through normal means.

3) I downloaded a PnS agreement off biggerpockets. should i assume its ok, or bring it to a real estate attorney to validate it?

4) How does taking over a mortgage work. I read an example where a home is worth 135k, and 129k is basically owed. But a buyer paid 13k and took over the finances, 3K went to the seller and ten to the wholesaler. do situations like this happen a lot? because it seems like taking 3k for a home is....very small.

5) Most examples i see are for 100k-150k homes, where they make about 5k a home. If i live in an area where homes are generally 500k, could i potentially make a lot more per sale