I think I'm going to formulate some questions for my potential partner, seek an attorney to advise an review documents, and seek people within my personal network who may be able to be my eyes on the ground. 

It seems pretty straight forward, request and escrow account, have the investors formulate an agreement for  property manager to draw funds and have an agreement signed between investors and property manager (Who will be collecting monthly rents).  

I turned him down, not because I refuse to mentor folks, but because I'm already engaged in doing so and I don't have time allotted outside of that to properly take on someone else.So making clear the time that you want to devote to learning, type of communication expected would help someone formulate how to fit it into their schedule.

That is key to formulating a long term strategy. 

Brand new to BP and still formulating my business model but working on a strategy to specifically fill this niche and become an agent that can invest my agency income as a partner in investments. 

Here is my take on this but hopefully you get various opinions and get to formulate what you think is best for you and your situation.

Inspect first, then formulate your offer based on CMAs and repair estimates (best you can manage).

I have never formulated a "buyers list"  and never had a problem selling a property once a contract is signed. 

I'm still formulating plans.

I'm reading and studying everything I can find.. one of the tips I saw said that most people fall short with wholesaling because they fail to formulate a cash buyers list.. so, I contacted a realtor..