If the house needs work, or even if the systems are aging, I add this to my initial purchase price for the calculation, plus a contractor's price margin for the hassle involved. 

I think wholesaling would be a great way for me to enter the real estate scene; a subject I'd love to become involved and invested in.Ive read that having a real estate license can be an advantage in wholesaling, as it gives you access to the MLS with the ability to comp properties.

If allowed; screen and BG check and add to lease or deny.

I see a lot more opportunity to put less money down to have more reserves since this would be my first time getting involved with tenants.

The whole point in having a notary involved is that the process itself authenticates the document and confirms the signer. 

I didn’t want to get involved in an expensive game of “hot potato”.Instead, I invested in a 3 Family closer to Rutgers.

Do you think I could arrange this myself between them without the need to get a lawyer involved?

@Clayton Hutton As Jeff suggested, a fair deal is what all involved parties consider to be fair.

For the average flipper this deal probably wouldn't command a high enough profit margin to justify the work involved, but if your goal is to buy-and-hold, this could be a real winner.

If you want the trust involved just have the trust the owner of the LLC.