Can I Run Through my Start to Finish Wholesale Deal With Someone?

[Richard Arden]

I am meeting with my first potential seller tomorrow for an exterior inspection and beginning of our negotiations. I know there are 1000 posts and articles about the process but I have some holes in my thoughts and would like everything explained in one place.

I house hack one duplex that I put a ton of sweat equity into. I started a mail campaign in Groton CT in hopes to find an off market house I could afford and if not I could wholesale.

I am meeting with a motivated and tired landlord. This is her only property. She has owned it for a long time and has a personal connection with her occupants. She does not want them to know right now that she is selling so I am posing as an insurance adjuster when we walk the property. I also expect that at least one if not all occupants do not want me walking through there house. One occupant recently lost there father to COVID.

The property has 2 buildings.

Building 1 is a 1br/1ba and a 2br/1ba.

Building 2 is a SFR 3br/1ba.

She states the collected rents are 3000/mo. and are under market.

She claims to owe 140k.

Lets say we successfully negotiate and come to terms on an agreement.

Step 1 is to sign the purchase and sales agreement. I already have an attorney. 

    -Contract should be contingent on a building inspection and financing? or should it be contingent on finding a cash buyer?

    -Should There be any other contingencies?

Step 1.5 Earnest money goes to escrow.

 Step 2 is getting an inspection. Do I do that and pay for it? Do my potential buyers do it? What do buyers expect? If I have good videos and photos is that good enough? Do cash buyers even do inspections?

Step 3 Handling the buyer. I would collect his earnest money (at least equal to the deposit I placed) and sighn the assignment contract.   

Step 4 close the deal.     

At what point should a title search be done and who pays for it?

Should I plan for an appraisal?

How am I protected if god forbid I can't find a buyer?

Am I missing anything?

Running comps on single dwelling properties are easy. How do I run numbers on a duplex and a single fam on the same lot?

I do not have a substantial buyers list. I will likely rely on Facebook groups to assign this contract.

Thank you for any input.