@Kelvin Letron Brantley I'll address several of your questions below:
>How can I efficiently close with my seller when they live 100 miles away?
With a power of attorney. They need to find someone who can attend the closing, preferably their attorney or a trustworthy person. As the buyer of their property same applies to you; either you have to attend or give a POA to someone you trust to sign instead of you.
>Is their a deadline to finding an attorney to close after putting a house under contract? Is there a maximum amount of time you can wait before securing a closing attorney? When is the optimal time to secure and attorney?
That's something that would normally appear in your contract. In case it's not indicated then you should find one ASAP as you should have had one before having the binding contract. For the sake of doing good and honest business don't wait with it.
>How long does title search take and when is the title search fee paid?
Fees related to the title search, transfer, insurance, attorney etc. are collectively called closing costs and are paid at closing. Once the attorney finishes he/she will send you a settlement statement where these fees are detailed. Normally it would take about 5 business days to clear the title and prepare the closing documents but it depends on the attorney and the specific situation as there may be problems with the title that would need to be resolved, and that could take a while...
>Also when is inspection typically paid? At the closing or up front?
An inspection is a service that's unrelated to anything else; you call an inspection company, they inspect the property and send you an invoice. If you have a buyer already I can't see why you'd want that. Typically, the wholesaler gives basic details and his/her own estimation to the rehab and ARV, it's up to the end buyer to perform a thorough inspection if they choose. I know of wholesalers that at times would go the extra mile to have an inspection report as part of their marketing package. Not only does it look more professional, it also justify a high wholesale fee because it reduces the number of unknowns. Getting back to your case, you have a buyer so I wouldn't worry.
>What are some things that could cause a closing to fall through?
That's a bottomless list, which is why you want to work with a local professional who can help you completing this deal. The knowledge you'll gain from it is priceless and will help you in your future deals, which is why worth dividing the profits with a mentor that will hold your hand throughout the process (or any other mutually beneficial arrangement). You can find one by going to a meetup explaining your situation, turn to BP members in your area that are interested in expanding their network or even find an experienced realtor that you feel like you can work with.
