I don't like the returns but we use regular savings accounts. 

From my experience, mentorship can provide structure, accountability, and networking opportunities, but it often comes at a high cost.

Quote from @Account Closed: Honestly have no clue, but my guess would be contact a lawyer who specializes in real estate.I am also trying to get a hold of other wholesalers in my area and real estate agents.

Expect to see more brokerages reduce their fees for listing real estate as they move towards fee models that not only recognizes but accounts for the role technology plays.

However I like to run my numbers conservatively and account for cap ex, vacancy, maintenance reserves 10/5-7/5-7% respectively.

A good accountant can determine how to account for the 70k received in the best tax advantaged way that makes sense for the transaction.

@Tom Nagy There are a number of existing forum threads covering the challenges RAD Diversified has faced with a number of investor's personal accounts of their own experiences.

Take into account your mortgage, a property management company and other expenses and you are lucky if you net $300. 

2) Are you pre-approved and have the down payment in your bank account?

@Mike Terry sounds like a pretty good argument to go after the property, I think your question is more along how to value it, and account for the deferred maintenance.