Hi @Curtis Mitchell,Welcome to North Texas and Bigger Pockets.Below are a few links to BP blog postings that you might find interesting.http://www.biggerpockets.com/renewsblog/2012/10/12/why-people-fail-house-flipping/http://www.biggerpockets.com/renewsblog/2015/07/21/blindly-70arv-formula-fools/http://www.biggerpockets.com/renewsblog/2015/01/30/realtor-secrets-sell-fix-and-flip-fast/There are a bunch of REIAs in the area where you can meet fellow investors and start to develop your team (lenders, wholesalers, contractors, etc.).

My second place (first rental), I tried the FHA route it failed due to a difficult seller - but I found a private lender last minute an purchased this on a private note.

You will also want to address in the JV agreement that the land will be used as collateral to secure construction financing to complete the project contemplated by the JV partnership.In addition, you'll want to carefully describe your own contributions to the JV along with each parties responsibilities, and for prudence what each party would gain through the projects success and alternatively lose should the project fail.

I restarted my journey as an investor with a few failed attempts and a few failed JVs.  

The home owners tried listing themselves, tried using a Real Estate License, and it all failed.

The discount you're providing helps with the low rate of return, but, like you mentioned, there is not much skin in the game from the buyer to make up for the collateral, if it fails.  

I was wondering if it is possible to rehab the property and sale it instead of wholesaling it in its current condition, if it failed to sale within the period stated within the wholesaling contract? 

Also, I apologize for failing to mention limitations set by the laws as well.

In Florida the rental agreements the Realtors were using are more biased towards the tenant than the Landlord so I have a 2 page addendum to cover "Financial Responsibility" (If sued any damages or compensation can only come from the LLC or property the LLC owns), Smoke Detectors (Sounds small but failing to maintain could bankrupt you or be costly) My tenants need to notify me within 5 days of discovering one is not functioning. 

The IRS contacted us a few months later and hit us with a fine of approximately $1500 for failing to file.