Questions on Wholesaling

[Frisco Hanley]

In regards to wholesaling, I feel like the lack of understanding when it comes to the contract process as well as the way the payment transaction is handle is holding me back from initiating deals. I understand that the contract between myself and the seller would be the P&S contract and the contract between the potential buyer and I would be the assignment contract (correct me if I'm wrong). But at what point do I collect the check from the buyer and once I do that, do I wait until the check clears then write out a check to the seller? Does an attorney handle the payments? Is an escrow account needed? Does all this apply and more? Please let me know, Thanks.