I believe the investor had arranged to buy it directly and pay the "wholesaler" a chunky finders fee. 

Is this a common arrangement?

I know there really isn't any typical arrangement but I just want to see what are some of the general practices are out there in the market. 

If you are investing out of state and do not have the time to be a landlord or arrange multiple repairs, you may want to think about Turnkeys.

I met a private lender here n BP and was arranging a deal with them.

I do not have the funds to pay for a mentor but I am willing to work out other arrangements if necessary.

We don't own any of the units but  have arrangements with owners/property managers which allow us to operate by sharing part of the revenue.

Never hurts to arrange a walk through though, unless of course the roof collapses.

Whether that's worth it to you or not is something only you can decide.4) While you're doing all this, download and listen to Del Walmsley's (LU's founder) podcasts and those from Old Capital, a company that arranges financing for a lot of multi-family acquisitions in Dallas and elsewhere in Texas and throughout the country.

This is not a common arrangement in my experience.