How do we go about doing this, and what is the best way to protect myself in this deal as someone who is wholesaling to a wholesaler?  

Having adequate reserves makes sense to protect yourself against a correction.

Just take the time to structure your partnership in a way that protects both of you. 

Go through escrow for the purchase to protect yourself.His credit is already destroyed.

But having some sort of protection will help me sleep better.

I'll be canceling my service with them.Here's the announcement:Coming together for the health of our communityAs the pandemic continues, it’s important that we all do our part to help protect one another from COVID-19.

Your family members may be part of a protected group that also can’t benefit.

Upon receiving our offer, the current owner sent out new lease agreements to the existing tenants to protect them from our being able to increase rent after purchase. 

If that's the case, you can't do any renovations until you have it professionally deleaded or it would be flagged for Unauthorized Deleading and you can get fined and the property would never be able to get a Lead Certificate, only a letter of Environmental Protection that states you did illegal work, got caught, then had to pay a professional to clean up the mess.

We would put some money in the deal wrapping over the top of our private investors in order to control the deal and if anything defaulted we could foreclose from 2nd position and protect our underlying investors at the same time.