It sounds like you are planning to resell via wrap to home owners/consumers, correct?  

I heard about buying properties online (Auctions) and reselling them.

we buy fix and re-sell.

If you're talking about rehabbing and then reselling the property, all you need is to keep the cost of improvements down.

E-LOAN in practice doesnt, in most cases finance mortgages under 100,000 because they make little money, plus its difficult to resell the loan to another company.

As an advisor to a client who wants to purchase a home do some repairs and clean-up on the property and resell it...where should he begin?

As a second source of income until I make it in real estate I have decided to resell domain names and web hosting.

That interest can be a contractual interest (you have the property under contract) or you actually own or have title to the property.A wholesaler in a nut shell puts property (normally distressed property) under contract and assigns or resells the property to another investor.

They buy $100 million in facevalue of loans, refi most, foreclose the rest,and then resell the performing notes in bundlesof $100 million to the Fannie Mae market.Don't know of any onesies or twosies done this way.

I always do explain to them that we will be either reselling their property or renting it out, but I don't tell them that hopefully I will have it sold before we close.There is no predetermined earnest money amount.