Check out the Ultimate Beginner's Guide to Real Estate InvestingListen to the podcasts.Read  The Definitive Guide to Real Estate Wholesaling.And most importantly of all, keep us updated on your successes and failures.

Recourse for failure of either party to perform?

Some details: Paying cash, so holding costs will be very lowRoof, siding, plumbing & mechanicals are new or nearly newHome is in rentable condition, but not up to our usual standardOur current rehab project will have us fully occupied at least through the end of the year.If we go with option 1 the house is unlikely to appeal to a more desirable tenant, but option 2 will not get us much more rent.

The tiny cost of failure...is dwarfed by the huge cost of not trying.This is news, a state of affairs due to the significant value of connection, to the power of ideas that spread and to the low cost of production.Delighting a few with an idea worth spreading is more valuable than ever before.Seth Godin, See http://sethgodin.typepad.com/seths_blog/2014/11/th...

General condition of homeAny issues major or minorAge of furnace, heater, Boiler, roofHow to work mechanics and appliance if you don't know.Age of roof, life of roof, flashing/leaks (they should go on the roof)Attic: insulation and evidence of leaksCrawl spaces:Roof, attic and crawl space are places ur inspectors goes that you or your GC don't usually go into.Plumbing: leaks, backupElectrical: if up to code, in orderGas: leaksMold?

The Seller Warranties Section of the AAR Residential Resale Real Estate Purchase Contract requires that all heating, cooling, mechanical, plumbing and electrical systems (including swimming pool and/or spa, motors, filter systems, cleaning systems and heaters, if any) be in working condition.Warrantedleaking faucetleaking landscape featuresoutdoor sprinkler leakleaking tub diverter valveair conditioner below manufacturers specs on splitswindows don’t open/don’t stay up/don’t lockmalfunctioning pool lightnon-working GFI outletceiling fan will not operatewater osmosis system not functioningNon-Warrantedstructural pool leaksloose or rocking toiletungrounded outletsmissing GFI outlethot and cold water outlets reversedcracked windowsmall hole in windowvacuum seal leaking on dual pane windowsmissing or non-working light bulbsroof leaksQuestions?

@Jamie WooleyEMP's stand for:Electrical-Mechanical-PlumbingMeaning I see that you are putting lights and outlets and toilets and sinks etc.

The trust is the best mechanism for wholesaling.

If you throw 10k at it and hope for the best you are setting yourself up for failure.

My wife and I agreed together that we would NOT fund our first deal by tying its success and/or failure to our family home.