What are the risks involved?

It's more trying if there are shotguns and/or pitbulls involved, but fountains of tears are not the easiest thing to deal with, either. 

We signed a Contract a year ago to build, financing was not involved. 

3 - Is there a process involved if money has been spent and seller does not want to renew purchase contract?

I was just involved in a $10M deal where the driver of the deal did not have money in the deal.  

I’ve had a few rentals over the last couple of years and just recently started taking this REI journey more seriously through education, diving into BP, and getting involved with some local investing clubs.I’m currently finishing up a big renovation and cash out refi to reinvest elsewhere.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

These are great people to involve as financial partners or private lenders.

If the house needs work, or even if the systems are aging, I add this to my initial purchase price for the calculation, plus a contractor's price margin for the hassle involved. 

I think wholesaling would be a great way for me to enter the real estate scene; a subject I'd love to become involved and invested in.Ive read that having a real estate license can be an advantage in wholesaling, as it gives you access to the MLS with the ability to comp properties.