The closing date is stipulated in the P&S agreement you have with the seller, so is the earnest money(minimal) and which attorney firm will handle the closing (your attorney firm)The assignment fee is payable by the buyer to you after closing costs are accounted forYou as a wholesaler are assigning the contract to the buyer who is going to step into your shoes as Principal to the initial P& S agreement with the Seller.

We've had a great investment property that has required minimal maintenance.

The best way to explaining this is for you to download an IRR calculator spreadsheet or build your own simple one and play around with one.For what its worth most deals I deem meeting minimal IRR standards is 13-15% but you have to dig a little deeper to uncover the real placements of cashflows and capitalization events... and then dig even deeper to verify the assumptions such as occupancy, rent increases per year, and what reversion cap rate was used.Again I don't look for IRR cause its manipulated a lot instead I look at total return on a 5 year basis.

The house is fully renovated with alot of new work done .. do you think I can wholesale it for 205k and keep the 5000 grand or I shouldn’t waste my time with this offer  

I have a downpayment saved, good credit, but do not own assets and my income is historically up and down due to commission checks from brokerageIm concerned that I’ll waste time looking for deals and making offers to ultimately not get financing - Should I be reaching out to lenders first to see an amount I would get approved for and then look at deals that fit?

My hopes for real estate investing are to eventually (years from now) secure a semi-passive income stream that requires minimal hands on management. 

Don't waste time in Residential if that's not where you want to build your career. 

And he kept telling me "I mean no disrespect but do you not see the benefit of not wasting 148$ on MIP every month?"

What if you only want to hire someone for one task and minimal hours per week?

I'm hoping incentives like these can allow me to penetrate the market early on and minimize the risk owners would feel giving their business to an unproven company.