Oh and for what it's worth unless it is just a smoking hot deal please don't find a house on the MLS, negotiate it down a few thousand, get it under contract, then try to flip it to an investor. 

All looks fairly standard above, but it really comes down to what you negotiate.

You can have good relationships with wholesalers, but every transaction is a negotiation.  

If you find and fund the deal, usually you can negotiate a 50% equity split with the experienced investor that finds the GC, the necessary subs and makes sure the renovation stays smooth and on track. 

All comes down to numbers and your negotiation skills.

Would you negotiate closer to appraised value?

The other one fell through - seller not able to negotiate on price.

WHOLESALE a few deals to get an understanding of how to Market and FIND motivated sellers, negotiate with them, do the paperwork, market to a take out BUYER, run thru the escrow process, and get paid.

I am purchasing a new home in Budapest and want to negotiate the price.  

You negotiate interest, amortization, balloons, etc.