Purchasing rental from wholesaler

[Robert Obniski]

Im tip toeing the line of purchasing my first buy and hold as an investor. I have only flipped properties at this point and they have all been from the MLS.

So I have a few questions regarding purchasing from a wholesaler and a rental sfr. 

1. Purchasing from a wholesaler - Is this price negotiable? (I know everything is 'negotiable'  but you know what i mean)

2. Terms are: Buyer pays all closing costs, 100% prorated taxes, must be cash. -As far as the closing costs does that mean on both my side and their side? What does it more or less equal out to?

3. Asking price is $49k with the terms stated above. Rehab is roughly $15k

So lets say all in is $70k with my own cash. I have it rented at $1k per month. 

Now the next step, from what I gathered, is to get my cash back. 

So I take out a loan against the property correct? What kind? How much of the value?

I guess im really asking 2 questions. Precautions before buying and what do I do after im all in and rented to get my money back.