Hi Elvin,Are you based in Toledo?

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.

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. 

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

They also have a 90-day litigation period where the former owner can contest the tax deed sale and take you to court.If I bought a property (or land) and want to re-sell it within a few weeks, what forms/documents do I need to give to the new buyer?

Can anyone give me some tips on the area and coming up with a number based on those factors?

What are you basing that on out of curiosity? 

I would guess just based off of the info given that your best bet for wealth building is to go low down payment in NC in a great area (Im down here, if you have any questions shoot me a dm) and hold the NJ property.

Land is $1m, build is $1.5m and sales value is $3.5m.