Attorney in NY making deal difficult (Wholesaling in NY)

[Richard L.]

So I have another deal I am working on, and I need help from experienced wholesalers. I know some people just like coming on to these post to bash on wholesalers, so just want to let you guys know that I am 20 and still learning. So if there is any input or advice, you can kindly let me know and I will be open to hearing. Thanks! 

So I have another deal I am working on in ny, it is a single-family home, and I and the seller agreed on the price. However, since I am wholesaling it, the seller's attorney and my attorney have been going back and forth for a week and it has made the seller very impatient. 

Here is the response from the sellers attorney:

My understanding is the following 

1) Inspection is already done. If not, lets do it before contract

2) If he wants to assign to an LLC he owns etc that would be okay- also, please send proof of funds, as I dont have that in file

3) 45 days is find - Probably better to do 60 B/C of tenant see #4

4) My understanding is that the deal was made with the understanding buyer wants it vacant we may need to add more time to closing in the event a summary proceeding is necessary. I dont believe it will be- but I think my seller and tenant have spoken and tenant wants about 60 days notice- which if we go to contract now would work

5) We need at least 5% down on this. 

First Issue-
We cleared up most of the problem, with the tenant and also the earnest deposit we increased. However, how should I go about sending proof of funds? I don't necessarily have the money, but I have cash buyers at the moment, I am just hesitant to give them full details ( such as the actual address) because before I use to trust buyers before signing and then they would go between me and the seller and take the deal away from me. Any advice?

second issue-

I did go to see the house to do due diligence, so I am assuming that's why they don't want an inspection. But I still want to have an inspection contingency for the buyers who come look at the house. I am confident I can wholesale the house, but the inspection contingency allows me to actually showcase the house.

If they don't want the contingency, should I just take it off, and just ask permission for access at the house. Currently, there is a tenant in there who is willing to move on a 60-day notice, so how would I go about that. Do I talk to the seller and tell him, to tell the tenant that I need to go see the house a certain date just for my "funding partners" to take a look at it. (p.s this is my first deal dealing with an actual tenant inside.)

Thanks for any advice given, and if you want to bash me I understand and I don't mind it, Please any experience wholesalers who have any input, I would appreciate it. Thank You and Happy Holidays.

[Will Barnard]

Sounds like the seller's attorney is savvy and is properly and appropriately protecting the interests of his client. Does your attorney know your exact intentions? If not, why not? If so, what does your attorney recommend?

You have two options here as I see it. Option 1: walk away.

Option 2: You need to talk to the one cash buyer you have that you are quite sure would want this deal and go to him with the deal specs (less address). Get a verbal commitment then explain once you have said verbal, you intend to open a new entity naming him as your 50% partner on the deal. Take that entity and vest your purchase contract in the name of that entity using your buyers POF to provide to the seller's attorney. At closing, you have a separate agreement to sell your shares of your 50% ownership in the new company for your wholesale fee. This way, you are actually the buyer from the start with a legit money partner and a legit entity already formed (it only takes a few days with a rush service formation). Problems solved and you have now wholesaled legally and ethically.