My first deal

[Nate H.]

I've been reading up on wholesaling and this forum has been helpful in getting information so I thought I'd ask the minds here. I haven't done a single real estate transaction yet (I've just started around a month ago) but this large deal came to my attention.

Here's the deal. I am a real estate agent who found a multifamily property that is being sold for around 75% of its market value. I found a person who knows an investor who is interested in said property. I am looking to put it under contract and wholesale it to the end buyer. I want to deal directly with the end buyer and have the guy who found the end buyer to get paid, but not be another middle man.

The timeline is looking like this:
1)ensure the end buyer is serious
2) sign an agreement with the birddog for release of his buyers name/info and detailing compensation
3) put the units under an assignable contract
4) close deal

My questions are:
1. To ensure the buyer is interested, should I request an upfront fee?
2. What would a good fee to pay the guy who found the investor/end buyer?? A percentage or flat compensation? (the property will be sold to the end buyer for around $800k)
3. When I put the property under contract, is this done with an attorney present like a normal closing or do I just have the seller and I sign the contract?
4. Is there a downpayment or escrow money involved when I put the property under an assignable contract?
5. What questions do I need to ask my attorney to make sure everyone is on the right page and everything is legal ?
6. What is my timeline missing?

I wish I got my feet wet with some smaller deals but this one just fell into my lap and everything started coming together. I really appreciate the advice and clarifications you may have. I will definitely be talking to a lawyer in the next few days but I'd like to have info before I go in there.