Most of the problems investors run into fall into three buckets: underestimating rehab costs, underestimating rehab time or not properly assessing ARV.

Learn and understand the market and communities where I'm looking.I'd also like to learn about the proper way to get started wholesaling, structure understanding/maximizing the tax laws/incentives (and landlord/tenant laws!)

@Matt TyykilaI read a posted suggestion this morning from @Conor Hesch who suggested this: I'm not able to properly tag his name apparently and hopefully he doesn't mind me resharing his advice to another asking a similar question..."

It just feels extremely low over the long term if doing proper CapEx or full turns/remodels over a period of time.Not trying to be confrontational, simply curious of what they were.

The paperwork for the city has been done and is ready to go in the event she's not out by noon.If we move forward I have learned that I'll need to appear in person to submit the proper documents.  

At the very least you'd need to file the proper exemptions under Reg D. 

I did not budget properly for flooring and know it is not wise to pay 2-4$ per sf to refinish the hardwoods so they can be torn up in a couple of years so my options are a rebuff(screening) then coats of poly or laminate.

We chatted for about an hour on Wednesday and they seem genuine, but I haven't had time to vet them properly.

Tell him to buy you out like a proper business person or pound rocks!!

Either they really need it and will not give back down payments because they can't afford to, or they realize they've found a sucker and can't wait to cash in on your ignorance.I'd say chalk it up to a win, as you learned more about doing proper due diligence before signing the dotted line, and overall this lesson was extremely cheap compared to the price that others have paid when breaking into real estate.Best of luck in the future!