Wholesaling (Newbie Question)

[Rosa Polio]

Hi BP! I'm new to real estate investing, I am located in San Marcos, Texas and have yet to perform my first deal. Mainly, what is stopping me is a ton of questions I have about the process. I chose wholesaling because I just graduated from college and have no money to invest with but plan on utilizing other RE investment methods in the future. So it's very important for me to make sure this process doesn't incur me any surprise costs. I'm the type of person who needs ALL the details before moving forward and it's costing me a lot of time, so I figured I should go straight to you guys for some help! Here's what I do and do not understand about the process:

1. Find a distressed seller/property 

2. Make an offer and agree on an offer. Make the offer based on: MAO=ARV(.70)-repairs

How do I calculate Repairs? How do I calculate ARV? 

If any rehabbers are reading, what do you look for in a wholesale deal? 

3. Get it under contract. Now, when filling out the contract do I fill anything out where it says earnest money or do I leave that as $0? I've learned about an option fee, I was told it could be as low as $10...

4. Find a buyer, fill out Agreement to Assign Contract for Sale and Purchase outlining my assignment fee.

5. Take all paperwork to the title company. 

6. close the deal, receive my check.  

Simple assignment closing or do I use a double close? I know it depends on whether I'd like everyone to see how much I'm making but is it ever really an issue? If I do decide on a double closing, are there ways for the end buyer to pay for all closing costs? 

I truly appreciate your responses! I am just itching to get started in real estate asap!