Yet, it seems common practice for wholesalers to use this contingency to back out of the contract simply because they have not found a buyer within the inspection period.

Some title companies are not comfortable with wholesaling, particularly in states with related laws. 

You will get convinced you can do seller finance or sub to, but it's not practical unless you are going to spend all your time doing that.

@Robert SandovalHave you looked into the rules and laws in CA for what requires a broker's license? 

You have no idea if they are following the law, AirBnB rules, paying taxes, etc.

They're practically free and full of information.  

My main question though is, does California law require that I use the specific C.A.R.

Also looking for best practice guidance on the risk tolerance based on these numbers.

Even though the distance would be a lot farther to travel than initially investing in another Chicago neighborhood, I know the tenant laws are a lot more relaxed out in the suburbs, the average price of property is much lower, and it just feels like a smoother entry point than a large city in general.I'm very interested in multi-family properties to begin my real estate journey and have worked on putting a team together, so I am getting closer to actually acting, not just observing.

Just getting my feet wet out there over the last three years and its good to see the post and the additional feedback from some really savvy and experienced investors.Built about 10 cabins last year as I talked my ex brother in law into moving out there two years ago and getting our gc license.