I actually ordered an appraisal on my first property, but the appraiser called and said even if he prepared it, he didn't think it would come back at higher than what I paid.

Be blunt ask if they are prepared to present a very aggressive below market price.

Unless you are prepared to iterate Regulation X and it's amendments from Dobb Frank not to mention other dated federal and state rules, it is pretty safe to assume you have no business assume you are servicing the loan in compliance with all the rules.

It’s the will to prepare to win that matters.” ~ Paul “Bear” Bryant

If you do wholesale, it's best to be prepared should you not be able to resell to an end buyer in a timely fashion.

Be prepared to spend $10-20K.

If you signed personally, you'll need another contract or assign that one.The closer must prepare closing documents prior to closing, they don't like last minute changes and may set the closing off if there are too many changes, the proper name of the buyer and preparing corporate documents with your EIN will likely be too many changes.

I think it's important for me to use that fear of debt to keep my mind razor sharp.I have a pending purchase on my 2nd rental right now, and sometimes I get into very negative mindsets where I am wondering what the hell I'm doing, and then other times I get into the mindset that millions of people do this, and I will be fine because I've tried to think through it and be prepared for anything. 

You just have to be prepared to move quickly and get them under contract before someone else does.

Had I not taken note of the posting by the mailbox, looked for comps or recalled the conversation I had a few months back, I would have not been prepared for the line of crap this guy tried to feed me.