1st deal - Buying from wholesaler - need advice

[Deneen Warmington]

Found a home in DFW thru a wholesaler. I did my own due diligence on the numbers. I'm not just relying on wholesalers #s.

ARV $142,000

Purchase price $62,000

Rehab $34,500

I walked through the property with a contractor. Wholesaler sent a contract last night. It's a double close with no contingencies. Wholesaler requesting $5k down payment as liquidated damages. What do I need to do before I sign? Is it typical for wholesaler to require no contingencies. I have financing from HML.

Thanks in advance!