So I haven't gained experience with wholesaling yet but I am pretty certain that you would still use the 1-4 Family Residential Contract that is promulgated by TREC.

I would have to respectfully disagree with Kami S.Hardmoney lending:$34k lent out for 1 year at 12% interest will give you a gain of $4,080k.

I stumbled across Bigger Pockets through google searching the topic of Real Estate Wholesaling, and I'm excited to meet some new people, gain some new knowledge, and eventually pass the knowledge on to others!

If I sell, there will be 300K cap gain and 80K deprec recapture.

Mary, I'm confused, what are you gaining here?

If so, can you describe the experience and any insights you gained from the process or things you wish you had known earlier in the process.

I like cosmetic rehabs as they are easy wins and a great way to gain experience and understand designs and rehab costs. 

If there's any chance that you and your wife lived there for 2 years in the last five, just sell and take the gains tax free!

Hard Money & Private Lenders tend to want to see a successful track record and/or a substantial down payment so keep saving up and look for ways to gain experience. 

What about building equity long term, increasing your net worth, gain a position to leverage future financing, do you even have a public relations aspect to your business?