I have owned a number of residential and commercial rental properties out of state and they have generally been good investments. 

@Connor Williams yeah, what the above posts stated but it's formally called "Forward Commitment" when a builder does it (if you want to google more on it).  

Generally speaking solid insurance and a good umbrella policy will provide ample financial protection for most liabilities.

An time sensitive opportunity came across my table for a purchase of properties in a bundle.

This also may be a good way to get an in working for someone with more experience since being a new wholesaler who doesn't even know where to start makes it very hard to start.Also, don't start telling people you are a wholesaler before you have marketing going out, a small buyer's list, and at least one property locked up because everyone wants to be a wholesaler, but it's not actionable until you are in the game.

Depending on the state, you will need a designated agent for your LLC, in that state.

I would add that you should definitely checkout some local real estate meetups as that's the best way to quickly build a buyer's list. 

Not only am I sorry you lost money but it gives a black eye to us legitimate lenders everywhere.

I believe it's a month-to-month.

I have used NES for years at a 10 unit I own.