Buying first wholesale deal - what steps to take

[Deb S.]

Hi all,

I have the opportunity to buy a vacant SFR from a wholesaler that I would fix and flip. I've known this person for about a year from our local REI group and I trust him. This property is less than a mile from my house and is mostly in need of cosmetics. I just don't know what the proper steps are when buying the contract.

Should I be asking to have an inspection or is this something that is not done for a wholesale deal.  Ideally I would like to bring my handyman over to walk the inside of the property and get his thoughts since he would be better at estimating repair/reno costs than I.

I will be getting a HM loan and would like some input on what you think good terms/rates would be for someone who is new to HM lending.  Thank you all in advance for your input!

Deb