Figuring your bottom line

[Jessica Martin]

So Im really working to find out about a few things with wholesaling and fix-n-flips.

My biggest hurdle right now is being afraid of paperwork without someone there to tell me if Im doing it right or wrong. Its such a scary concept to me since this is legal paperwork... what if I dont include something that should be included to protect myself, exc... Any tips/advice on paperwork process? 

Can someone maybe give me a break down of the PAPERWORK process of what happens on a wholesale deal from the time you put a house under contract to the point that you collect your wholesale profit? 

Now this may be a complete newbie question, but I want to make sure that I understand this correctly. On lenders interest fees for a fix and flip, say the interest rate is 15% and the loan amount is 100k(just to make it easy)... Lets say I borrow the money and have it out for 6 months... I would only pay $7500 in interest correct? Because 15% is annually and I only had the loan out 6 months... 

And Balloon only really means that I guarantee that if I still have the loan out at the end of 12 months, I will get the lender his money back, either by finding a different route for financing  or whatever I have to do to get his money back to him?

Also, Ive heard a few people say they take out a few extra thousand from their lenders to cover carrying cost throughout the rehab process. How is this done? Is it really "allowed" to be done?

Thank you