They work with a network of sellers and then resell them to the end buyer.  

Okay I think the big thing here is to understand the risks to purely wholesalingYou need money for marketing,  a good area for cash Buyers that are buying now,savings for personal expenses plus savings for marketing and other business expensesSo if it takes you three grand a month personal expenses plus another two grand of business expenses that's 6 months  x 5k or 30,000Now if you're a transaction engineer, you can also go after expired listings and help sellers sell pretty houses with lease option assignmentsOr you can buy on sub2 or a wrapYour exit strategy can be lease to own and earn 3%Or on a minor rehab,  you can do a joint venture with the seller, give the seller a note with no payments for their equity for four months, use private money for the minor rehab, and resell to a retail buyer.  

And if you are marketing on Craigslist, say you are assigning a contract, not selling a house.C'mon @Jay Hinrichs Time to get that transactional funding cash for wholesalers so they can get on title and resell.

'Flipping' generally means buying a property in need of repairs, adding value to the property by doing repairs or other work, and then re-selling the property as quickly as possible for a profit from the added value.The double close you mention can be part of a wholesaling transaction.

I buy 50 and 60k houses cash, do 5k in repairs and resell with seller financing.

Give a low cash offer which most sellers hate, and explain to them why it's so low, because you need to resell it not to a consumer but to an investor. 

When reselling our homes, the MAJOR drawbacks to ANY sale that takes longer than our average sale is for [usually] one of two reasons: (1) It's an older home (70's) or (2) it's a 2 bed 1 bath.

If its a real mold problem then you will have to provide a mold disclosure when you resell and state that you corrected the problem.

But there are folks who violate contractual terms in order to resell a property.Core Logic estimates fraud in short sales at about 1.9% of sales.

I still have not managed to get written offers to the listing agents on the 4 or 5 houses I want to offer on.One of them is a FULL PRICE offer that I know I can re-sell within weeks for immediate profit.