Full disclosure, I am completely new to Real Estate Investing and when I say "completely new", I mean asking the most basic questions that may seem like a no-brainer for most others that have been in the game for six months or more.

Welcome to the game Aaron.You're in a great market that is sure on its way up.Since you're on the ground you'll have the upper hand compared to all of the out of state guys. 

@Calus Glispie the purpose of earnest money is for you to have skin in the game.

I am recently unemployed and am looking to get in the wholesale game in North Jersey.. any advice?

I am in Illinois, so that may be the easiest place for me to learn the game.

Best of luck to you and good to see other people from Fargo, ND gracing this site.

If you've been reading up on wholesaling, then you know you can use several strategies to find deals such as direct mail, bandit signs, driving for dollars or searching sites online like For Sale By Owner or Zillow.  

I'm building a duplex and using a lower cost builder who doesn't do any of the site work. 

But if you can come up with a game plan and execute, you will be see very good ROI.My property in Fruitvale is probably a good example for you. 

Once you are out of the bad deal, you can take the cash you do get out of it, and invest in a property that will make money...meaning, you will recover the temporary losses you have now, and start making a profit again.Staying with a bad hand, and continuously "betting on it", will get you out of the game fast.