Written by attorney investors, it's full of practical advice pertaining to management of investment property, has sample forms that can be edited, and - most importantly - they tell you what your primary state laws are and where you can read them.

Your offer, contract, and assignment, documents are the most important documents, as they are the bases for all rights and responsibilities.

If you're a 5% owner for only part of the tax year, then only the services performed during that period count toward qualifying.Also, it's important to note that the Tax Court has held that merely being on calls doesn't meet the 750-hour requirement.

But since I front 600 feet of his property it was important to him to have input on design and quality.

... but knowledge of the market and more importantly the market you are interested in ... is something they can't provide. 

@Chris SeveneyI agree the sponsor is the most important factor, but passive investors can not ignore what they are trying to accomplish, and have a deep understanding of the business.The trinity!

However, the seller decided to hold off on accepting my offer since the property had only been on the market for 7 days and they wanted to entertain other offers.This experience made me realize the importance of paying attention to the number of days a property has been on the market.

:)The most important thing in wholesale real estate is to stay sharp on your lead and deal acquisition, as these are the main "products" you're selling.Investing in strong outbound and inbound strategies to find off-market properties and their sellers is the foundation for success.Good luck!

Attorneys will tell you it's important because they make money on doomsday scenarios.

This deal reinforced the importance of speed in the real estate market.