I can look back and question my decision to go with him based on a number of warning signs, but we know some of the same people and our trusted friend referred him to us.

HML can let someone get in the game when they otherwise couldn't.

For extra formality, put it on a nice document with your letterhead.Re: Non-Binding Letter of Intent to Purchase Real Property Located at [Property Address]Dear [Recipient's Name]:This non-binding Letter of Intent ("LOI") is submitted by [Your Name] (the "Buyer") to [Recipient's Name] (the "Seller") with the intention of setting forth certain preliminary terms and conditions for the proposed acquisition of the real property located at [Property Address], inclusive of all improvements, appurtenances, and fixtures thereon (the "Property").Purchase PriceThe Buyer hereby proposes to purchase the Property for a total consideration of $[Amount] (the "Purchase Price"), which shall be subject to adjustment based on the results of the due diligence investigations and final negotiations.Earnest Money DepositContingent upon the execution of a definitive Purchase and Sale Agreement (the "PSA"), the Buyer shall deposit earnest money in the amount of $[Amount] (the "Earnest Money") into an escrow account designated by the mutual agreement of the parties.

So really, my question just boils down to how best to spend the next 2 years, given the eventual end game i want. 

By disclosing your intentions, you’re covering your bases and staying on the right side of the law.Professionalism: Presenting yourself as a professional wholesaler can actually work in your favor.

I like the idea of one day being able to invest in more "favorable" markets based on the current economy, job growth, local trends etc. 

We have a Real Estate company and we accept assigned contracts from them ... they have a data base more active than clicks on Zillow....

No one here is give you can accurate answer based on what you wrote.

@Erwin Zelaya in my opinion, anything you can learn about home construction / improvements / remodeling / maintenance / landscaping is immensely valuable in this game.

I'm based in California but looking at nearby states for rental opportunities.