Personally, I would be hesitant to jump into a deal when the existing partners are cash-strapped.

If someone injures themselves and sues, they will be suing the LLC and not you personally.

Check out this great thread by Chris Piper at https://www.biggerpockets.com/forums/12/topics/862964-wholesaling-101-how-to-wholesale-for-beginnersI posted a link to it on my own recent thread, which you might also find useful, it has links to some of the resources I have checked recently https://www.biggerpockets.com/forums/93/topics/1197244-how-to-do-wholesaling-right-in-maryland-east-coast-and-nationwidePiper's thread is where I started my research and am very grateful to this person for dedicating his time to share so much of a valuable information.

I have used this strategy personally more that 10 times and helped many clients doing it.

I think I read in there that you try to stick with higher quality properties.

Regular reconciliation of accounts and maintaining a clear separation between personal and business finances is crucial.

Pushing your wears on an new person who just asked a question is pretty low ball.  

There also could be tax benefits and fringe benefits like personal use.Good luck!

Why is it asking for personal info?

If it was my first, I personally would flip it.