Folks are willing to share their knowledge to make sure you succeed.

The wholesaler gets the property under a P&S contract, then sells that contract to the end buyer and is paid an assignment fee.A "bird dog" finds properties matching the buyer's criteria, similar to a wholesaler, but does NOT get the property under contract, similar to a buyer's agent / broker.

I’m just now soaking up as much knowledge as possible on real estate investing, which in turn means I’m new to all of the available financing options.

So how do I use my current contract if it's not "an assignment".

Do you have any knowledge of Detroit or our surrounding areas?

I am most interested in flipping and think some of my skill sets such as managing large projects in my career and a decent knowledge of construction lend itself to this tactic.

I think you should consult with a knowledgeable accountant (maybe after April 17, hah) about the best way to achieve your goals. 

I haven't actually started investing yet, but I have some ideas and would love to leech some knowledge off you guys. 

I've never owned a basement condo, but you might call some local property management companies and see if they have any knowledge on the matter.

I recommend you check out this article as it answers your question very well:http://buildingadvisor.com/buying-land/questions-t...Here is a portion of the article with useful questions for you to ask the selling agent:QUESTIONS FOR THE SELLER OR SELLER’S AGENTWhile you cannot absolutely rely on the seller or their agent for this information, it’s a good place to start and, in most cases, you will get accurate information TO THE BEST OF THEIR KNOWLEDGE.