My question is: when wholesaling, after finding a great deal, do you need real proof of funds to the get the property under contact or is there a way to get it under contract, find a buyer and complete a double closing/assign the right to sell without actually having the cash for the property? 

The lender does charge the flipper 4 points upfront, and the note represents 55% of the property’s ARV, so I’m not too worried about needing to foreclose if it comes to that.The lender uses his own capital for initial funding and then sells off the notes after that.

The hardest part of any syndication is raising capital and selling the investment.  

So, selling sub-to, the mortgage is brought current and timely payments are made by the new owner helping the original owner's credit CONSIDERABLY!

Start small, ensure your numbers (purchase + rehab + holding + selling costs) leave room for profit, and build a reliable team (contractor, agent, lender).For financing, work with lenders who specialize in fix-and-flips. 

Quote from @Sarah Ali: The seller has a contract with the agent, which means they can't legally sell the property without compensating the agent.

Quote from @Roxanne Whitaker: Please be aware if you buy an investment property and do not live in MD, when you go to sell it you will pay an 8% tax at settlement. 

The other challenge is selling it, there is a smaller buyer pool for hospitality in a small market but that was known going in Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

i.e. buying and selling notes.Of course the mortgage is attached to the property. 

When you live in that duplex for 2 years and then sell you'll be able to take 50% of the profit tax free (the allocation for the side you lived in).