Process for working with wholesalers

[Alex Kernus]

Hey BP!

I'm looking for my next investment to be a BRRRR, and am looking for my cash purchase to be through a wholesaler. I think for the most part I understand the points of "what to be aware of" in working with a wholesaler from the standpoint of the deal itself, but I'd like some guidance on the actual process of working with a wholesaler from PSA to closing. This might include, but is not limited to, the following:

1. PSA - I assume a PSA through a wholesaler is different than your standard PSA that's signed if you're using an agent for an on-market deal. Anything to be particularly aware of here? (My next purchase will be in Tennessee for what that's worth.)

2. Inspections - if I have an inspection contingency, how does coordinating the inspection + any post-inspection follow-up with the wholesaler (or maybe even the end seller if they [or tenants] are living in the home) work? I've had no issue with this in purchasing my on-market deals in the past, as the seller's agents and my agents have typically worked together pretty seamlessly to coordinate the logistics of my inspections, but I imagine this will run a bit differently when working with a wholesaler?

      ^ same question for having my PM go out to look at the property pre-inspection in order to get an idea of a scope of work - do wholesalers allow the buyer (or my PM in this case) to walk the property before signing a PSA?

3. EMD - does earnest money work similarly with wholesalers as it does with a traditional on-market transaction? Assuming I have an inspection contingency, aside from backing out post-inspection if the rehab isn't what I initially thought, are there other ways to get out of a wholesale and recoup my EMD if needed?

4. Closing - I assume once inspection etc. have been taken care of that the rest of the transaction, for the most part, is in the hands of the title company, but anything else I should be keeping in mind related to closing as it differs from that of an on-market agent-represented transaction?

Lastly, and this might be a catch-all for one or a few of the above questions, is there a point pre-closing where the buyer is put in touch with the seller, or is the goal for there to be zero buyer-seller contact throughout the process?

Thanks so much for the help!