Wholesaling Questions [Newbie]

[Aaron Phillips]

Hello,
My name is Aaron and I'm new to Real Estate Wholesaling. I've been studying up on it the past few weeks learning how to calculate ARV, How to find Sellers, Selling to Cash Buyers, I contacted a Title Company, etc.. but I still have a few gray areas I don't quite understand.

For Example:
Say I have found a motivated seller, and I have them under contract. Now say I took that contract to a Cash Buyer, and now I have the Cash Buyer under contract. Do I then take the contracts from the Seller, and Buyer to a title company?
Do I introduce the Seller and Buyer? Or what? I don't understand how the deal works.

Another Example:
Say the motivated seller wants to sell at $40,000.00 and I sell to the Cash Buyer for $45,000.00 ($5,000 being my fee). Do I take both of the contracts to the Title Company, or does the buyer and seller both have to be present for that?
And does the Cash Buyer write me a check for $45,000.00 then I write $40,000.00 of it to the seller?

Last question that I have is ARV. I looked online and found various ways to calculate ARV. My favorite formula thus far is;

ARV = Estimate of Property Cost x 60% - Repairs - (My Fee x 2)

EXAMPLE: $65,000 x(60%) = $39,000 - $15,000(repairs) = $24,000 - $10,000

ARV = 14,000

However, offering $14,000 for a property valued at $65,000 seems way out of the ballpark and not even the most motivated seller is going to be willing to accept that deal. Can you give me some insights on where I am wrong, and what I need to do to fix what I've learned thus far? 

Many Thanks in advance!
Aaron Phillips