Process of buying from a wholesaler

[Max Biggar]

Hello BP!

I have a question about purchasing a property from a wholesaler and the due diligence needed. I have located a property in Florida where the numbers make sense based on my estimations... not his. This will be a rehab buy and hold.

Triplex - cost $55k cash

rehab - $80k-$100K (my estimation based on experience)

ARV ~$225k

Total Rent: $2050/mo

I plan to purchase the property with cash and then finance the rehab.

Questions: Since I am buying this cash from a wholesaler, should I be searching for any liens prior to closing or is that what a closing is for? 

What is the typical wholesale purchase process for cash. Is there still earnest money agreed upon and if the property is not free and clear would I get it back? I'm guessing this can all be negotiated in the purchase agreement but just wanted to check what standard practice was. Any other due diligence needed on my part? 

Thanks BP!