Brand new trying to wholesale and completely lost

[Adam King]

Hey everybody,

I am brand new to this wholesaling game and I have some questions. Let's assume I´ve found a house that looks like a good deal. The homeowner has agreed to sell it due to a foreclosure situation. I offer to buy it for 65% of the ARV which is about 10k over what they still owe including their default. Is there some standard contract that we fill out? Do I give them any money at that point? Do I need a Realtor at that time? Should I be working within my own LLC or S-corp at this point? How do we decide on a closing date? And what do I do if I can´t assign the contract within that time frame? Any and all feedback is appreciated.