Wholesaling

[Matheo Segovia]

A few questions regarding wholesaling, one, what happens if I am not able to find a willing buyer before the contract runs out? Am I able to simply walk away from it and the seller moves on to someone else, or do I have to pay a fee to get a out of the contract in order to not be obligated to buy the house? 

Also, is the money a wholesaler earns through the assignment fee taxed?