I would recommend getting a Warranty or Special Warranty Deed if you can to protect your interests in the asset so you can keep it. 

They'll be able to help make sure you are protected and clearly understand anything else that may pop up through your partnership.Let us know how it goes!

There may be asset protection benefits to the investor to purchase the property as entity.

This will keep the cost down on the initial inspections, but still gives you protection if something is found. 

These laws are put in place to protect the public from unscrupulous operators, which is what most wholesalers are.I say this because the only way a wholesaler makes a profit is to steal equity from the seller. 

Do not over-leverage, and even more importantly, protect your cashflow.

i personally invest in low cost index funds until i have enough money then purchase a rental property. my thought is a savings account doesn't offer anything except protection, so asides for an emergency fund, hold the money in the market (it might go down) so it has the chance to grow. i think that by keeping in the savings account you are taking risk by not growing at all!

Which do you feel gives more protection?

I am born and raised in the Kansas City area and work in the fire protection industry. 

The general public needs a governing body to oversee this stuff to protect the public's interests.