My current wholesaling game plan -- feedback much appreciated!

[Zachary Lynn]

I am somewhat new to the wholesaling side of real estate.

After dozens of hours of research, this is how I plan to open up my business.

Step 

1) Create an online presence / storefront for a company who helps offer options to underwater mortgagees. 'come to us for a free analysis of your mortgage situation. This is just one of my planned marketing angles.

2) Get leads through all the ideas i've found on here such as absentee owners lists/ local govt filings / postit signs/ driveby/ etc (the etc is expansive)

3) Create a database of the potential clients we may propose buying their house to after they call or call them and detail every step.

4) Take down details of house after speaking with owner and explain how we work and eventually what we can offer and how we came to those numbers. Do comps, and estimate repairs, and make them a 'cash' offer.

5) Get a lawyer (probably step 1 lol) and get a contact written up which is assignable and gives me outs if need-be.

6) Unload contract to whoever offers best or bites first at reasonable profit. 

--Obviously this is a basic guideline I have in my head without all the details, but does this sound good? Am I missing steps? How much should a lawyer charge to write me up a general reusable contract for this purpose? 

I have an investor ally who said don't even get the thing contracted up, he'll lawyer up and sort out the details for me. I know it would generally be in my best interest to get it contracted up myself--but I was thinking to let him negotiate their price and give me just a commission on the first few ones so I can hear how it's done.

Should I open up an LLC or is acting as a sole-proprietor better?

[Tim G.]

Best of luck, this isn't to discourage you. More to motivate you, but these game plan threads appear pretty often then vanish into the BP archives never to be updated. 

Perfect gets in the way of done, execute execute execute. Don't worry about all of the details, that is the beauty of wholesaling you can make mistakes with minimal risk. 

Also, find a good wholesaler in your area. Imitate, then innovate. Quite often you'll find folks here telling you how they'd like people to wholesale, not how to wholesale.