I use apartments.com, so the money didn't end up in my account until 1/6/25.Is this considered income for 2024 or 2025? 

The systems makes this easy for you to do.

Sub2 needs to be viewed like Hard Money.

A couple of months ago, I purchased a property using a hard money loan for $115,000.

In the last 18 months various states have instituted new rules, regulations or laws related to (1) need for licensure to wholesale (2) restrictions on marketing of a property in which you do not have ownership and (3) disclosure requirements when dealing with a homeowner that makes it clear to the homeowner that the contact signed with the wholesaler is not a definitive “sales” contract, therefore making it less likely home owners will sign4.

Even if one has to provide the education to some of the parties as to why a particular creative solution makes a win-win-win for all. 

Given you and your investor both have experience in different areas, I’d say keep a flexible approach and compare city requirements before putting too much money down.

Just remember that wholesaling is much tougher than all the gurus make it seem to be, but not impossible at all if you create the right systems and understand, when you are new, that you are solving problems, not throwing cash.

So they would first payoff the first mortgage, if there is a second then $ goes to the second and if anything above that goes to any other lienholders or the homeowner.There are a lot of people who invest in 2nd mortgages because they are cheaper than a first, but in Ohio (not sure all counties) you have to pay off the first at foreclosure so if you do not have the money to pay off the first you are out of luck. 

That makes a big difference in the answer to what Charles eloquently referenced regarding confidence in your ability to close.