Wholesale process advice

[Brody Jett]

Hello I am trying to reach out for a little help or ideas before i continue. I know many of you have wholesaling experience so that is where my question is directed. 

I have a friend that is willing to let me practice wholesaling his house. I am doing a way maybe not done by most but makes most sense for me to explain to the seller (friend). The house is needing no repairs it is a market deal. He owes 210k, home is comping at 315-330k. So far i have this as my plan. Him and i Assign a contract that rights me to list for a fee of sell price paid at closing. I then have a Flat rate broker that i can list with only if i have a contract to do so, theni put on MLS. Once i open title i also have a notarized Memorandum of Agreement with my friend to put a lien on the home for the amount dictated in the assignment contract. Once buyer gets to closing, the company calls to release lien and asks the amount to be released. Then its released from what title company said when i explained this to them. If you can provide any advice or feedback i would be very thankful. Im doing this for him to help him out. I want to learn the process more than anything. Just want a double check. Thanks all and just to save time for some I am currently working on a license.

[Account Closed]

@Brody Jett Good luck finding a broker willing to let you list someone else's property on the MLS.

If the house needs no repairs and has tons of equity, why on earth would your friend let you basically steal his equity? What do you bring to the table in this situation? Why wouldn't he just list it himself? 

The only 'practice' you're getting here is brokering real estate without a license. 

Back to the drawing board man. 

How to wholesale:
1. Find a distressed property
2. Buy it or get on title
3. Sell it for a profit