Getting close/Need help!!

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I am getting closer to my first rental property. I now seem to have been finding what appear to be "wholesale" properties. I have 2 questions. You guys have been a lot of help to me.

1. As a NEW investor I am assuming that I will be expected to apply a down payment of some sort on my loan. Or maybe I won't have to if the deal truly is "wholesale" and there is lots of equity already built in to the deal??? And then there is PMI, right???

2. At what point am I locked into a deal with the seller??? After an initial offer?? After the P&S contract is signed. A realtor of mine told me that I can be locked into a deal after an offer is made here in Pa. I have always read that a buyer is only locked in after they sign the P&S contract with both signatures on the document.

THANKS!!!