True, first in line who qualifies is standard practice.

Is this average or common practice?

I joined about a month ago and I have just been reading, listening to podcasts, and analyzing deals for practice.

If no historical results, provide a proforma operating statement.List of renovations completed on the properties and the costs associated with the renovationsCurrent personal financial statement – please include all assets/liabilities even if housed in LLC’s or other entities (see attachment if needed) – if you are providing your personal financial statement on a different form, please just sign and date our form.Two years’ federal tax returns with K-1’s for all principals of the BorrowerGlobal real estate cash flow of each principal – see templateResume or bio of work and real estate experience of principalsRather than using the back of a napkin, I'd like to put this information together in a professional looking way but I'm not sure about what best practices here are or what that might even look like. 

Either way, is this common practice, for the buyer to forfeit their earnest money deposits if the lender doesn't close on-time?

The amount of knowledge required to successfully run a wholesaling business is way beyond anything taught by gurus in their seminars and mentorship’s, what’s  needed is knowledge of real estate law, real estate principles, and basic real estate practices, real estate finance, construction knowledge, contractor pricing, etc.3.

But, practically speaking, the current Buyer can drag the process on, by refusing to cancel the original Agreement.

The best practice with multiple properties is to attempt to compartmentalize each property into a seperate LLC or limited liability vehicle.

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.

I think it's best practice to notify the insurance company that I have moved out and would like to have a revised policy.