I am pretty sure the seller financing will go through however have to look into the steps of working with a Title company and setting up escrow.

He's looking to turn it into a 4br 3bath and possibly turn the basement into a livable space.He offers a promissory note for a payout of either a set interest rate or percentage of the profit, whichever is greater.

He will be selling the properties to me for about 35k each and they will rent for anywhere from $600 to $800 a month on a 12-15 year note with the bank.With his knowledge and history in this market I feel that my mentor is steering me on the right direction and not setting me up for failure.

Set up a followup meeting to showcase why you're a good wholesale agent.

@Philip Amundson Admittedly I would say most properties do need some small repairs and/or updating to maximize rent so I'm not going to pretend you will be able to find a 100% turn key property, however if you can find one, then it will preserve your cash and set you up better for #2.  

You can get that discount only in stores, not online.I went through 2 Ryobi sets and fried them, I don't recommend them.

Is it likely and how to set up a contract?

**Being able to achieve the returns necessary aside** ...

We could set an appointment and meet somewhere to talk numbers and maybe go take a look at this property :)Sincerely,Grant B.

Next look at the amount of coverage on the dwelling itself (Coverage A) - is this set up at the full replacement cost estimate amount to rebuild the property?