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.

On a similar topic, what best practices do you put in place when repair costs run high?

I don't know how thought one would play out in practice.

I'm new to the commercial tenant space and was just looking for any insight and best practices to make the transition as smooth as possible.

Is there a 'generally understood' practice in this regard? 

No to anything related to good business practice.