Make sure your contract is contingent on inspection, financing and appraisal. 

Guardians of the Equity,I am currently under contract on a wildly mediocre looking investment duplex (2b/2ba per unit). 

If so any changes in the leasing contract?

I am financing the down payment, closing costs, and rehab through a private lender on a $20,000 loan at 9%.Purchase Price: 85,000 (5,000 down, and 6% interest only payments to seller for 6 months until refinance)Rehab: 7,000 contracted out to my GCARV: 145,000Rent: 1,550 per monthDuring the first 6 months I will cash flow ~$275:Vacancy (5%) - 77.50CapEx (5%) - 77.50Repairs (5%) - 77.50Garbage - 50Interest Payments to Seller - 425Interest Payments to Private Lender - 150Insurance - 80Taxes - 333After a 6 month seasoning period, I will refinance for 105,000, again ARV is 145,000, so 72% of the ARV (I can refinance up to 80%, leaving me some wiggle room if needed).

The key is to make sure you add "and/or assigns" after your name on your offer letter, and make sure that there is language in your P&S to allow you the right to assign your contract into an LLC or other entity before closing. 3) Should we even create the entity before purchasing, or do we purchase the property ourselves and transfer something (title, idk) into the entity?

Most deals like this in the Southeast go under contract in very quick order. 

Again, don't take the wholesalers word for it.Third,  get a copy of the contract between the seller and wholesaler.

You just need to make sure you are up front with people and have your contracts down.

@Erica Rich which one did you get under contract on mls or an off market deal?

I submitted contracts only to hear the seller chose another buyer.