Florida RE Attorneys: Wholesaling Legalities

[Amanda Fishman]

I've scoured this site for months upon months and haven't come to a solid conclusion...so, I'm sure I am asking something similar to every other newb- and I apologize not only for the repetition but the length.

***My question is for those proficient in RE Law pertaining specifically to Florida.** 

My husband and I have decided that we would like to begin wholesaling (specifically contract assignment)- because let's face it, with about as much capital as a handful of beans (which will get eaten up mostly in marketing,) it seems the most feasible way to build a nest egg for our eventual fix and flips/buy and holds. Plus, there's a large market with all of the dilapidation/tax default/absentee owners in our area. That's another part of the reason we want to do this! We genuinely see a need for it. In my experience there aren't a lot of RE agents in our immediate area that are determined/honest/compassionate/savvy enough to deal with truly motivated sellers OR investors (not all, but a lot.)

That being said, I'm here because we're having an issue with the legalities of it all. Ethics are another story, as I DO know that it is possible to conduct ANY business dealing ethically. My concern is being slammed by the AG. Risking my family's well being isn't worth any amount of money.  

As you'll hopefully be able to see from my spiel below, I am not interested in back-dooring anyone by any means, especially someone who may be in a bind and genuinely NEEDS the quick out- I've been there. Karma is a twit and I don't intend on facing her.

So, seeing as neither of us are realtors or brokers or working under a broker, and do not plan (as of this very moment) to purchase any of the homes we are hoping to put under contract- is simply putting a home with an agreed upon assignment contract ALONE, LEGALLY considered enough EI here to market property? 

Or/also, if in being completely honest with a distressed/motivated seller about what we're doing and some form of cash IS required (IE: "While your home doesn't currently fit our needs, we do have access to other serious cash investors who may be interested {and we absolutely do}. So, to affirm that we are serious in helping you- would you be willing to allow us to place your home under contract with us, along with a non-refundable amount of {let's say $100- so we have the ability to market?} for the duration of 30 days? And in that time, let us see what we can do for you to get you out of XYZ situation! If in that time we're unable to procure a serious cash buyer and our contract then becomes null and void, we'll be more than happy to point you in the direction of another reputable wholesaler, RE agent, etc who will be more than happy to further assist with what you may need.....") are we then free, with an approach such as this, to move forward (contract, market and assign) lawfully (and would you consider my above approach the most ethical way to go about an assignment?) Or, does the upfront intent of us NOT being the end buyer disallow us from legally placing the home under contract to begin with?

I would ask if we should just get our RE license and do it that way, but from what I understand in this form of wholesaling, you'd have to work as the principal anyway, and not the realtor....?

I've seen SO many varying opinions on all of this. But, I can't work with opinion. Opinion could mean the difference between jail or no jail, and "I didn't know" doesn't hold up well in court. 

WHEW! Okay, I'll stop! I really look forward to your replies! Thank you, again!