I read Rich dad poor dad when I was in college. 

Is it necessary that they practice in my home state?

Or if you take title on a quit-claim, you're getting whatever interest that seller had, along with any clouds on that title.Most common way is to have a traditional closing that clears title and pays off any liens, issues a title policy, and gives you true marketable title - that is only encumbered by whatever you have encumbered it with (mortgage, trust deed, UCC 1, Promissory note, etc.)If you don't / can't go through traditional title (say for example, you buy at a tax foreclosure sale), I'd say it's best practice to go through the quiet title process.  

I currently work for a mortgage company making $40k a year and am a senior in college for Business Finance. i have around $30k in the bank and currently own a townhouse.

Im a recent college graduate and heard about wholesaling from a few infomercials regarding the Philly area, so I decided this would be more interesting than a full time job.

On the flip side of things, I get their position doing their diligence in order to wrap and resell as Elvin has pointed out (common practice in finc world) as a response to the void in the MBS market for residential funding after the '08 boo boo.  

Just by practicing this you'll likely run into someone that lends money, and you probably don't even know it.3.)

Essentially, my plan is to learn, network, tighten up my credit, raise capital, and pull the trigger within the next year (my original plan was within 9 months, but that would mean purchasing in December...I'm afraid it will be more difficult to flip a house in this area during the winter and I want to minimize holding cost as much as practical...thoughts on that are appreciated).That said, I'm a clean slate ready to absorb all the knowledge and wisdom from others in the BP community.

Standard of Practice 15-1REALTORS® shall not knowingly or recklessly file false or unfounded ethics complaints.

I bought my first house at 20 and did a live-in flip in a college town.