Understanding the Market

[Logan Lum]

I'm trying to get my feet wet with wholesaling and I want to understand better the process of "analyzing deals", and "understanding the market". What exactly does this mean and how can I practice these things? Also, not sure if this is included in those processes, but what is a good guideline for determining what price I should be trying to get a house under contract for? i.e. if a house is selling for $250,000 what price should I be trying to lock it under contract for and the price I should try to sell it at?