Confusion With My First Deal

[Jonathan Loynaz]

Hey everybody!

I'm about to get my first wholesale deal under contract! I have some concerns regarding the contract, repair costs, and what to do after I get his signature.

I've determined this property's ARV to be $110K - $125K and I'm getting it under contract for $54K and hopefully sell it for around $65K.

It's a flat roofed, 3 bed, 1 bath, 864 sq. ft. SFR sitting on 10,800 sq. ft. of land.

First, needs a new roof, a kitchen, flooring and some cosmetics, basically a full renovation. I'm estimating the repairs to be between $20K - $25K (I'm actually not sure at all about this estimate). Another problem with the property is the owners are tax delinquent $4,000. Somebody bought the tax lien about a month ago. 

I'm not sure what to do about that problem. Does it becomes the buyer's problem, do I re-negotiate with the seller? I'm scared to do that because he had other offers even a higher offer than mine but I agreed to a faster closing.

Second, I'm going to be using the FAR BAR As-Is contract. It's about 9 pages long and I honestly don't understand most of it. I'm meeting with the seller tomorrow to sign the contract. I don't want to mess it up and seem like an amateur. If I don't have a title company yet, do I leave that stuff blank? I have one in mind but they're closed on weekends?

I've been going crazy all day trying to figure this stuff out. Any advice would be great. Thanks guys!