Great questions, and I will be totally up front in stating how new I am to all of this.

The investor then gets the property for a few percentage points of the total property value. 

You're totally right—making a schedule with all the important dates on it is very helpful!

But, an LLC will not limit you from liability in total.

As you begin your REI journey here is one tip I have for you:Use this website as you are trying to narrow down the places you want to invest in. https://www.areavibes.com/Its awesome because it gives you a "total livability score" & you can compare different zip codes & streets to others. 

The successful wholesalers are the ones that are direct with the seller and have done an analysis on the deal to show it can be a successful investment (always double check with your own)totally agree, I would add the don't act sketchy and present their available homes in a consistent/professional manner to buyers. 

In the City of Austin, we saw a 6.5% increase to $575,000*Total sales increased 2.5% in the metro.

They must be totally desperate! 

Especially if they put in $35K, or what amounts to most of the then total of their liquid wealth.On the other hand, we saw experienced investors with really strong reputations scale from a few million to a hundred million, or, in some cases, literally billions of dollars, in AUM at the worst possible time between 2019 and 2021. 

got out of flipping to new construction in our market in columbus ohio. licensed general contractor. when interest rates got high single family existing went down by 30% new builds sold at a 6% increase that year which demonstrated the desire and premium that new construction commands. never looking back. total control, rinse and repeat. we can get permits in 28 days. we can buy land cash in 21 days. we can build in 120 days to 140 days and keep moving. super scalable and easy and no risk. we build the same 2-3 Floorplans