I have a great friend of mine, who is one of the investors, that would like to start a Corp. or LLC.  

I grew up in rural Iowa and my impression (and it may be that I am completely incorrect) is that small town rural Iowa is declining in population as Agribusiness consolidates smaller family (and smaller corporate) farms.

Good Evening @Michael Hayworth,  I'm very much obliged to you for taking your time and posting the reality of wholesaling. 

I have been an investor long before I quit my corporate job and became a real estate agent and Realtor.

You'd need to talk to a lawyer about what you have to do, but there's always the possibility of a plaintiff piercing the corporate veil, depending on circumstances.

If I ever decide to leave my corporate job I would consider flipping on the side as a way to keep my network fresh and generate cash for investments.Ultimately, investing is using money to get more time (freedom) and flipping is using time to get more money.

Question:- Is there any reason or obligation for the previous broker not to honor my request to cancel this ?

I have been involved in corporate finance, litigation and real estate for over 15 years.

With the military and corporate jobs I've gotten around a lot so here's my take on NJ. 

I can do this with either dpsecured debt or an option secured by a performance deed of trust.I'm careful to negotiate to not be responsible for the debt portion of the lien and if the debt remains an obligation of the seller or the seller's estate, I just want the asset released.