@Lodina Cokleywhen @Jay Hinrichs says unsophisticated don't read it as he's saying YOU are unsophicated. his point (and a good one) is that commercial properties are generally owned (or represented by) more knowledgable owner/investor/agents who will spot a wholesaler from a mile away. like both folks before me stated, they'll require a POF and scrutinize that even before reviewing a LOI.Unrepresented residential homeowners are generally more flexible with the terms because they don't understand the process or right questions to ask to check it's actually you making the purchase.

While leaving your representative mentioned there is no issues with house and its absolutely fine so we gave the keys to her.

They will likely want you to sign an Exclusive Right to Represent as most agents wish to have some assurance in writing for the amount of work it takes to analyze properties and show.And ask questions!

I am always interested in ghost towns since to me they represent potential opportunity. 

Do not include taxes and insurance in the 50% rule, since that is exactly what the 50% represents (taxes + insurance + maintenance + CapEx + vacancy)2.

I manage a few of our own  smaller buildings in Yucca Valley area but for some clients within the area that we have represented on sales and purchases of apartment buildings, the majority of them have used "Affordable Rentals" in Yucca Valley and been satisfied.  

We will have a representative from Auction.com come talk to us about what they do and what the process of buying from them is like.Here is a link to our Meetup Page: Tri-Cities Real Estate Investors GroupI see that you are a member of the group but i don't recall meeting you.

It establishes a set cost to the buyer for representing them, the same way a listing broker sets their fee with sellers.

Bottom line is that any consideration you receive for the property you sell represents gain and you'll recognize tax on the profit. 

If you are not currently represented you would do well to meet with @Jordan Moorhead .