I’m new to wholesale and was told to use a trec wholesale contract, “one to four family residential contract”.

The details are: Purchase Price = $425,000Repairs Needed = $50,000Terms = Land Contract- 7.5% down at 6.25%-20 year am 5 year balloon.

Do I need contracts, a lawyer, property manager or is it just a person to person thing where we have a loose agreement?

What is the wording in that contract you own? 

You should 100% have an executed contract, scope of work - if rehabbing, and a thorough exit strategy. 

2 years ago I purchased my first buy-n-hold investment, 4-plex that was 100% occupied at contract signing.  

So if you have an LLC and are putting deals under contract with your LLC then your signature at the bottom will be something along the lines of "David Todd managing member" but within your contract you will be using your LLC's name as "buyer".My LLC has a business checking/savings account that I deposit my investing checks into (since all my deals I use my LLC to close with)

I actually skip traced for him for several months before I found out that he was doing all is deals with NO money in and was assigning contracts of my traces for money.

So I specialize in creative financing types of deals (Lease/Option, Sub2, Contract for Deed/Land Sale Contract etc...).

A contract (lease) is only as good as the people that sign it.