I suspect this dude makes a good portion of his money out of release fee's.. but there has to be an end date  i would suspect other wise the person doing this would have some major liability.. if someone ever did that to me I would sue their butt straight away.. but then again most wholesalers would never get into contract with me in the first place as I would vette them out and when they could not proof up I would not accept their offer.

Make her show her work though just like the appraiser since if she is shifty she may try to manipulate the value as a ploy to get you to list it with her ... either by understating it's market value and sayibg she could sell it for much more or going straight for an over inflated value if that she could sell it for you for, only to ask for a price reduction after it doesn't sell at that price.

Along with What @Patsy Waldron is saying, make sure you get your documentation straight so that you ARE actually buying the property - it's YOURS. 

You can take the paperwork straight from signing to the title company and have them arrange everything..I like Vena Jones-Cox for learning how to wholesale..

Typically in the MLS there are submission instructions for an offer...and for reos it is almost always through some sort of online system that goes straight to the banks asset manager.

We do all the work ourselves, and I've had good luck using straight or diluted cleaning vinegar to get rid of smells without the fear of bleaching anything you don't want bleached. 

Account Closed, find a Lender who WILL do the allowable "Delayed Financing Exception", which could get you ALL of your cash purchase price back straight away if it appraises at 43%+ above what you bought it for.

I would suggest a straight lease and once tenants are qualified to buy they can purchase outright. 

They are straight forward and give 12 month hard money loan.

Its a pretty straight forward process.