Also the actual assessment of the property is $966,000.I discussed with the homeowner his the pros and cons to retail and wholesalingWholesalePros: Quicker closings, buyer will not ask seller to fix things, save 5% commission, less financing problems if any, Cons: Sale price below market value, less exposure, less buyersRetailPros: Maximum exposure, possible multiple offer situation, fair market value sale price if not overpriced from the get go.Cons: Many people trudging through your home, 5% commission, possibility of working with buyers who cannot afford it, financing issues, longer closing dates, seller concessions, possibility of property being tied up with a buyer who cannot perform due to a home to sell contingency. 

It's a trap to keep you tied to selling your time for money.

I'm currently wracking my brain to figure how I can buy another when all my money is tied up in this first one (esp since I'm no good at raising money, etc).  

But I'm also going to call a duck a duck.The price the wholesaler got it tied up in contract for is NOT, by definition, market value - because the seller is intellectually disabled or senile or imprudent or desperate or divorcing or whatever, and you're here to "help" them.It's far below market value, and that delta is the wholesaler's opportunity to line her pockets.

I'm not looking to go on lavish vacations, buy cars or have name brand shoes. 

I will get your coffee, shine your shoes or quite frankly wipe your bottom.

A little counter to what others are advising, but I'm not sure I'd jump into REI in shoes like yours.  

If needed, I'll get a second line tied to the cell.  

So my question to all of you is...how would you structure this deal to protect yourself if you were in my friend's shoes (the buyer)?

The baseboard mounted thermostats could be eliminated and everything tied to a wall mounted thermostat, obviously at an increased cost.A lot of homes up here in Ontario built during the 60's were encouraged to use baseboard heating as it was efficient and electrical costs at the time were quite low.