Hey man, did you get your questions answered on this?
The feedback above is all great. Checking with your broker is a good idea.
Just know that not all brokers are well versed in investments (and that's okay, that doesn't mean they aren't great brokers). So you may have to do your own research and let that guide the conversation. I have my broker's license in OKC. We don't do much wholesaling, BUT when we wholesale we:
1. Over disclose. The seller knows EXACTLY how much we are making. FYI, they can pull the information after closing. So it's just not worth it to lie.
2.We will close, even if the assignment contract falls through. People who want to wholesale with us want the convenience. It's usually why they're willing to take a lower price. So I make sure that no matter what, that house sells when I say it will. Even if that means I have to buy it and hold it for a could days/weeks while I wait on the other sale to process.
Let me know if I can help with anything. It's a lot to learn when you start out!