I've been reading the lengthy "truth about wholesaling" forum post, my god its a read, and there is so many ideas floating around in there that are lost because the post is sooooo long.One post by @Stinson Bland brought up the idea of pros, NOT GURU'S, taking a wholesaler under their wing.

I don't know if you will be building one at a time or in small segments, but you could also float some CL ads, etc. for the finished project and see what kind of a response you get from potential renters (like put up an ad for 48 hours with a rental price and features).

So here are the basics of the deal we discussed.50/50 initial investment and fix up costs50/50 profits ( ARV - Initial - Fix Up - Misc.)Buy Out (Coworker only) - 30 days notice, based on projected ARV and % project completion.Pay Back (Me) - Personal equity in full after refinance or sale, Initial + Fix up due 6 months after close, will float profit for 16 months.I would take 1st Lien positionSo my questions:Is this legal?

it is a floating floor and very easy to install. 

I don't know if it is better or worse in other areas, but there are too many stories just like yours floating around regarding the Memphis market. 

Might be a good area to wholesale if you know who the major buyers are then you would just need to walk (or float) around and find out who wants to stay and who wants to leave

There is some incredible knowledge floating around these halls!

Before it was the float getting stuck. 

I mean, seriously, you're collecting rents from day one (or week one) so you have the gross rents sitting in your bank account at least for a couple of weeks to use as a float.  

Patrick Rowe Most of the time I see 10% floated around as what to plan on spending for cap-ex.