Wholesaling Process- A little confused need help!

[Marcello Scotto]

Hello BP 

My name is Marcello, Im new to REI and have a question about wholesaling. Say you have a deal lined up and the seller is asking for $100k, you get the house under a purchase agreement with your name along with "assigns the contract to" for 80K. And sell your contract to a flipper for 90K. When its all said and done you will walk away with a profit of 10K. My question is do I need to have that 80K?

Need as much advice as possible!!!!