An "as is" FSBO in suburban area, what do I do?

[Octavia D.]

An "as is" FSBO in suburban area, what do I do? 

This will possibly be my 1st wholesale deal but I don't have a buyer, my purchase contract I'm not sure is correct and don't have money to get it checked by an attorney. Here's the deal (so far):

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Townhome

Owner recently put sign up on the weekend

Owner is looking to sell & move out ASAP (he still lives in the home)

Owner wants to sell for business opportunity

Owner is selling "as is" for $189,900 (2 bedroom, 2 & half bath, 1,412 sqft.), according to comps. properties exact (only found 2), might sell for $205k

INSPECTION: Due to it being "as is" there's no need for property inspection, since end buyer might do that anyway. Or do I still need to do it?

PICS: I'm not sure If i'll be able to take any pics of the inside, but the property was sold a year ago on the MLS by someone else so there's old pics of the inside of the home.

MORTGAGE: owner has one and won't disclose it to me, should I care about this since he's selling "as is" and I'm wholesale it?

H.O.A:  $132/M

The owner asks for a loan but I preferred to pay him in cash

My assignment fee: $2K earnest money + $13 assign = $15k profit

(making the purchase for the end buyer be out to $200k + any closing costs)

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Due to the very high price that the end buyer will possibly be paying, should I bother with putting this property under contract? Would this be too much or should I just assign. for $15k with no earnest money (since i'll be having a memorandum on the property and a liquidation damage fee on the contract)?

Could someone also be willing to check my purchase contract for me. Like I said I don't have money to get it checked by an attorney, this to me is surprisingly rare due to Realtor signs being all over the area. Am I forgetting anything, is there a way to do this virtually to save on travel time (bus, transit).?

[John Hixon]

@Octavia D. congrats on taking action.  

The formula works like this:

ARV: $205,000 X .70% - repair costs - desired profit.

ARV: 205,000 X .70% = $143,500. So, just taking the 70% you are still almost $40,000 off. You have to keep in mind your end buyer will have buying/closing costs, financing, holding, repairs and unforeseen costs that they will factor in. There is also your fee since you plan to wholesale. So, you will need to do some serious negotiating to get it down to where another investor would be interested.

If you plan on wholesaling it, you should let the seller know that.  No reason to hide it.

Do not pay for an inspector, that will be up to your end buyer.

I would suggest you spend more time on this site and connect with fellow wholesalers.  Find someone who knows the business and can walk you through the process step by step.  @J Scott has two great books on real estate investing.  They can both be bought on this site.  Sounds like you have the drive to be successful and already taking action is a big step but spend some more time studying.