NJ Wholesale Scenario

[Clenvic Cayme]

Hello folks,

I'm a brand new wholesaler. I've already flipped properties and made decent profit so I'm not a complete real estate newbie but I'm also definitely not a pro. I have recently got a few calls from my direct mail campaign from preforeclosures and was wondering what is the best way to go about wholesaling them in New Jersey. I have a seller who is willing to sell the house that I was going to buy at a wholesale price with cash and potentially repair it for myself or resell it to another investor. Problem is when I want to the house to see it, there was an insane amount of repairs. The house is in terrible condition, and the contractor I brought told me it would be around $90k in repairs for a house that's most likely going to sell for $180k tops. We are willing to pay off all the mans debts which is around $55k and give him a couple thousand to move, but we wouldn't be able to fix it up ourselves due to the repair amount, and the location being so far away. What would be the best option? If we were to find another investor to buy the property, how would we ensure we get paid for our marketing efforts as well. The property is going to be on sheriff sale on Sept. 16th.

What real estate contract should we use so we are protected from buyers going straight to the owner? I've been adviced against an assignment contract and to always do a double closing. 

Any advice would be of great help.