How far out to set the closing date on a wholesale contract?

[Thomas Jaskulski]

I'm new to REI and I haven't done a single deal yet, but I have been confiding in a good friend that has been doing BRRRR's for a few years now. My starting strategy is to do a few fix & flips to build some cash reserves up and then get into BRRRR in a couple of years. So, I decided to drive a nearby neighborhood close to my residence, recently and document addresses of seemingly vacant distressed properties. After doing much research, I decided to reach out to one of the home owners on Facebook and asked if she'd be interested in selling. She responded enthusiastically and is motivated. She lives 3 hours away currently but gave me permission to enter the residence and take a look around because the house is vacant. I brought my friend along and he devised a few strategies to employ with the property. Flip, Wholesale or BRRR. He told me that the house is pretty far gone and needs about $110K rehab on a $90k purchase(I spoke with the seller after our walk through and offered her $90K, she verbally accepted and is going to come up to the house location this weekend.) He disclaimed that it's a do-able flip but a big project for a first timer without many resources. He did offer to partner but after he ran the comps he came up with an ARV OF $290k. His suggestion was to wholesale it because he believed that for the purchase price of $90K, it'd be a relatively safe bet with a good margin.

So, my question is: 

How do I get cash buyers or "buyers lists"? And also,

When I draft the contract for the seller to sign, how far out should I set the closing date on the contract? I'm not using an agent.

I want to allow enough time for myself to find a buyer to re-assign the contract to but at the same time, don't want to drag it out to the point where the seller gets annoyed or doesn't want to sign. As I mentioned earlier, she was very enthusiastic and I was able to build great rapport with her because we actually have a mutual friend in that neighborhood. For what it's worth, we spoke on the phone for about an hour after I presented my offer to her.

Any feedback would be greatly appreciated. 

[Katie Smith]

It sounds like you're off to a great start! For building a buyers list, I'd recommend joining local real estate investment groups, both in person and online. Networking is key, and places like Facebook groups, BiggerPockets, and REI meetups are perfect for finding active cash buyers. You can also reach out to wholesalers in your area—they often have established buyers lists.

For the contract, a typical timeline for a wholesale deal is 30 to 45 days. This should give you enough time to find a buyer and get everything squared away. Just ensure you're transparent with the seller about the process and keep communication open. 

Good luck, and it’s great that you’ve built such a solid rapport with the seller!