REI concerns about Wholsaler offers

[Taylor Tucker]

Hello biggerpockets.com members!

My fiance and I are VERY new real estate investors (working on our 1st deal lol), and we've got some connections to some experienced(i think...) wholesalers.. Beings that we are working on getting our first real deal, I have some small (hopefully!) questions about some concerns I have when it comes to getting an offer from a wholesaler. I've browsed and searched the forums but i typically find guides on how to become one, not the concerns/dangers of dealing with one. Thank you to whoever can shed some light!

1) I've been told that wholesaler properties come and go as fast as they can possibly find buyers for their contracts. That being said I've been encouraged to gain finances through a hard money lender so that I am ready to go, i don't have any problems with this.

2) What exactly should happen during the offering process? Should they be sending me pricing, ARV, repair estimates, etc? What documents can i expect to receive before I agree and pay my deposit to them? Should i expect pictures, inside and out? I also understand that typically these are AS-IS and have not been thru inspection.

3) I understand that every deal is different, and each wholesaler is different. Assuming that a wholesaler has not disclosed accurate information to me, such as a condemned property with a sinkhole(which i'm not sure if they even have to disclose!), or they don't actually even have the contract set up correctly, can i consider my money gone?

I'm mostly concerned about what information i should receive before i commit to buying.. Sales history, comps, etc. Is this something that should be supplied - or should i expect to be told a price, address, and do all of my own due diligence to make sure it checks out? I will be doing my own due diligence as well to make sure that the wholesaler is giving me the correct numbers.. Just not sure what to expect.

Thank you for any help!!!

Much appreciated,

Taylor