Jared,Take a look at these articles and I think you will be able to make a decision.http://www.themoneycommando.com/umbrella-policy-vs-llc-asset-protection-part-1/http://www.themoneycommando.com/umbrella-policy-vs-llc-asset-protection-part-2/ They dive into very detailed explanation as well as many risks/benefits & possible scenarios in which makes better financial sense.

I think it is a good investment to hold on to, but I also want to be able to invest in something back east to live in, maybe a duplex.Here are some details: We could potentially rent our house out for twice the mortgage.

Not a lot of details but if this place has the potential of 3500/mo and they're giving it up for just 55k....it must have some serious issues that must be addressed beyond the scope of practice for a beginner. 

I understand the basics of wholesaling, but I am still stuck on the details of the wholesale process.

What are the core features you think you need?

Hi Account Closed hosts a monthly meetup in Manhattan that features guests from the podcasts. 

Feel free to PM me if you would like to discuss it into further detail. 

Again I'm a newbie as well but maybe share a bit more details and we can learn something through conversation. 

I will post a complete Deal Detail below.

The next best thing, if you don't want to invest in drawings this early, is to write out a detailed scope of work that your contractor can bid off of.