There is only one person on BP that I know who has actually dealt extensively with this exact issue and has even adjudicated it as a Harvard educated lawyer, his name is @Jonathan Twombly I urge you to read his expert answers on this exact subject: http://www.biggerpockets.com/forums/12/topics/140550-best-way-to-protect-myself http://www.biggerpockets.com/forums/12/topics/140457-forming-your-llc I will summarize a few of his basic points against the unhelpful and inaccurate advice so far offered on this thread although I urge you to read his very intelligent responses yourself. 1.  

It had ungrounded outlets throughout, and many of the fixtures were wired with extension cords tacked to the ceiling/wall and plugged into an outlet.

In the past I've done some purchases of rental properties, all of which I've rehabbed to some extent, one pretty extensively.

While I have enough for the 20% down payment, I don't have the capital to pay for extensive repairs.

I feel very comfortable in managing individual units that do not require extensive work and leverage my knowledge of the distressed industry to get good discounts with 2 or 3 offers for every property closed. 

It is very detailed and covers the entire process extensively. 

I realize this topic has been brought up several times (will link to them at the end of this post for those interested), but there are some things involved with my situation that hasn't been discussed yet, so I thought I'd start a new topic for it.In WA state, there is a law that requires a licensed contractor on title if you are flipping properties (this post discusses it extensively).  

In other words, Wix is not an easy access company and requires extensive reading; which, is not possible for me, unless I use a reader. 

They will also grant an extension in circumstances like this as well.

Most of these students will never do a single deal because wholesaling is MUCH more difficult than it seems and requires a lot of knowledge that is gained only by extensive experience.