Questions About the Wholesaling Process

[Derek L.]

I'm a young investor, and I just bought my first rental property. My focus has always been on rentals, and I'm a little interested in flipping. I just found a good deal; however, I don't have the cash to buy/fix another house right now. As a result, I thought I should try to wholesale it, though I don't know as much about wholesaling. Many of the posts I see are too generic and not specific enough to answer some of my questions.

One question I have is when the title company gets involved. If the seller and I agree on a price, are we ready to sign a purchase contract, or do I need to have anything prepared first? When does the title company get involved in relation to signing a purchase contract with the seller and me assigning the property to my end buyer? With regards to the purchase contract, can I sign a contract with a 15 day contingency for "partner approval" and have 15 days to find an end buyer with no consequences if I can't find a buyer? Is this the way wholesaling is done?

I'd really appreciate any answers you can provide me. I need to figure this out ASAP, so I don't make any mistakes that can't be undone.

Thanks,
Derek