It is a transaction between a buyer and a seller. 

I reached out to the individual marketing the deal to schedule a property viewing, but they’re asking for proof of funds (which I expected) and a signed purchase agreement or LOI.Is this normal?

I guess be happy it’s only a couple months and a cheap lesson learned?

Going through my real estate journey I have learned a lot, I am 24, a veteran and a graduate from Temple University,I started with aspirations of investing on a property and making a quick flip.My problem lied with fear of failing, my capital and my savings.I decided I wanted to learn the real estate market and know the ins and outs before I would make a bold choice on buying my first real estate home.

If it is a fannie/freddie loan, it does require 2 years of seasoning and a new appraisal.

But it would be nice to have access to the software and a place to basically wholesale the ones you don't want for yourself.

If you are selling for 1M after closing costs you could purchase two 500k properties in your exchange and own one cash and a mortgage on the second.

Second, success often depends on creativity, persistence, and a willingness to negotiate.

But, I think in practice, "reverse trolling" remains ill-defined and a blurred line will rapidly begin developing. 

very high risk even I only do them with very specific investors in mind and a plan. we dont flip land we develop every one.