Let me outline my current situation for you: I am the owner of a sole rental property I purchased in 2014 at the age of 24.

Here are the numbers:30 year loan at 5.125%Purchase price: $79,000Down payment: $15,800 - (20%)Charges and reserves: $11,554  (outlined below)1) Closing costsOrigination fee: $1,235Discount points: $1,027Appraisal: $785Credit Report: $45Flood cert: $8Tax Service fees: $82.502) Title ChargesClosing Fee: $450Lender Title insurance: $279.80Title search: $2003) PrepaidsHazard Insurance premium $1,2004) Prepaid ReservesHazard Insurance $1,300 Property Taxes $1,833Escrow Adjustment ($200)5) Transfer chargesRecording Fees $230Transfer Taxes $2,3706) Settlement chargesOwner Title Insurance $349

As an active flipper and wholesaler I would recommend you focus on finding off-market deals and using a shorter personal contract that clearly outlines your right to assign the contract.

I have a pretty good outline as to what I am looking for.

The tenants should in most cases have higher credit scores and more to lose if they were to not fulfill their obligations outlined in the lease.

I just see no better forum post that outlines how to do a Virtual Wholesale without there being a cost somewhere.

Is it as simple as drawing up a separate document outlining the terms of the combined investment (e.g. who invested what amount)?

Make sure it outlines what will/and wont be covered under "Water Damage".

If you're avoiding that for some reason then it would be outlined in the operating agreement.

There is a much more recent Supreme Court decision (2015 -- Inclusive Communities) which outlines a 3 prong test with burden shifting and a much higher first bar.