The reason I ask is because many new wholesalers skip this step and just jump out there without understanding the foundation of the concept of wholesaling.

Documents like these usually aren't relied on for anything, but when something like your situation occurs they can be a God's send, making removal so much simpler.  

I'll second what @Steve McGovern said but in simpler terms.

This is a very simple, and by no means exhaustive, example of a much larger concept that I am attempting to get across.

You will start to learn of increased opportunities to invest your money and use your money to generate more money.Some of the most basic concepts that I personally find super important is to always set aside the largest percentage possible of all your incoming money.

Keep in mind that this whole "BRRR" terminology is made up here on bigger pockets, but the concept of value add investing has been around forever.

I am 20 years old and have just found out about the concept of real estate investing.

It would appear that you understand these concepts better than your CPA. 

Your issues now are only another indication that you have no concept of how this business should be operated. 

@Johnny Duke I do encourage you to listen to episode 109 to familiarize yourself with these concepts.