Meetup.com and BP are simply ways you advertise it. 

@Neil Aggarwal Pretty much all vendors in the industry use "Preforeclosure" to mean the period of time between the notice of default and notice of trustee sale in non-judicial foreclosure, or between the lis pendens and the notice of sale in judicial states (with some state to state variation thanks to things like combo notices).For the period you mention, during which the owner is simply late on their payments, those are called "mortgage late" leads or 30/60/90 day late leads.

Similar to you I don't need a money partner, so I'm not sure how it would benefit me to enter a partnership with a contractor. 

That sounds like you are thinking about the kind of return you should be getting in your head.I am entering a lot of data into a database from FCI.

is it used regularly and is a safe way to enter a partnership with another investor?

Can we simply add him onto my account as joint holder in order for him to have proof of funds to close A.S.A.P and not run the risk of loosing the property?

Additionally, many expensive markets simply serve as a safe place for big money to be placed and protected.

@Viviana Ramirez you dont NEED to work with a wholesaler, they are simply another resource that you can use.Don't worry about if they're nice and friendly, worry about the deals they have.Local REI meetups are a place to start networking.

The MPP Formula (detailed analysis) requires you to itemize your Fixed Costs (instead of just simply applying 15% of the ARV).

That does not mean you just simply pay less, it will have effect on your entire investment (longer commutes to check on things, lets buyers / renters, more days on market, lower rents, lower appreciation, etc).You will still need about 30-50k in cash to make this happen (20-25% down, repairs, closing cost and other expenses so keep that in mind.You also said "cashflow from day 1".