If the wholesaler is getting close to the same offers way off of asking then they did something wrong plain and simple.The agent should have gotten a one time client agreement spelling out the seller will pay XX in commission before ever presenting the property to their client.It's amazing when everyone else makes mistakes they want the broker or agent to pay for it.In commercial real estate I stop all of that BS.

First, he doesn't even know how to spell principal (so probably doesn't understand the concept). 

The second mortgage was attached to an alternate spelling of the owner's name and for some reason I'm still unable to do a record search by legal description of the property (name) on the Palm Beach Clerk's online system.  

Spell out in detail within the operating agreement of the LLC what happens when this happens, or when that happens.

This included how much and who holds the earnest money deposit, where the money is held, and what are the terms and/or contingencies that allow you to or the seller to retain the earnest money deposit in the event of default or dissatisfaction with the contract.The questions that you have are real estate 101 type issues but require everything to be spelled out.

All stuff you probably already know, Steven, but spelling it out for the benefit of others.

In my own contract, I have it clearly spelled out that all tenants have a courtesy date of the 5th for rent to be considered "on-time."

It is also clearly spelled out in the lease that they change the filter.

That's why I mentioned speaking to your accountant.Another way, probably better as to control the project, would be to use TIC, TAC, TOE, Tenancy In Common with a TIC Agreement that spells out the conditions, restrictions and requirements along with a reversion of the interest in the event of default, a repurchase agreement.  

This can spell out all of his responsibilities and what he will get paid at the end... even if payment is shown as 50% of the net profits.