Long term appreciation won't likely be as good as LA proper.

Sounds like you didn't have a broker involved to help you price the property properly in the first place. 

I'm looking for a GTA/Toronto based real estate lawyer that is experienced to help build partnership contracts and make sure my business is set up properly.

If banks sell their loans to Fannie/Freddie and the loan defaults, Fannie/Freddie can make you buy them back if they find that the bank did not underwrite the loan properly.

Deposits stay until mutual cancellation docs signed@Don Johnson  EM needs mutual cancellation agreements signed.. purchase price can be refunded upon demand.Title company can't just take money without properly signed instructions..

The listing agent who is to represent the seller mentioned she has never executed one of these sales before and seemed to be having a hard time describing the process.

I am a wholesaler in the Chicago land area and I have been very successful with wholesaling FSBO's and off market properties. I know how it works and I have my contracts in place. The Question is can someone shed some...

Again, it's all about analyzing probabilities and then executing a game plan that's right for you.  

Please go to your state's contractors licensing board website and verify that your contractor is licensed and bonded and has the proper workers comp. insurance for any employees.

Good data is fundamental to exceptional execution.