FIRST REI OPPORTUNITY as a wholesaler

[Mariah Claudio]

Hello all!

I’m currently on track on getting a house under contract. I have an eager buyer already as we’re just hoping to close the deal. 
As a first time REI, what are the clauses I need to be aware of and include when putting the house under contract (inspection clause, ERM clause.... ?). Obviously most sellers won't allow you to pay ERM after the inspection, But that's ok!

What are the ramifications if I fail to complete my due diligence when obtaining a contract, worst case scenario? I want to be aware of all possibilities and lessen the chance of making rookie mistakes that can potentially curtail great deals!