I was watching a few videos on YouTube and came across a video about virtually wholesaling with Cris Chico.

@Chris Eaker: Here is the link to @Brandon Turner's 4 square method video and worksheet.

After I inform him of this another prospect calls up- "Wow, I am really interested in the property- I submitted my (very qualified) application electronically...

I've seen so many videos that say one can market and make money without using your money or credit.

I just sold my condo in Illinois.I had issues with the HOA while I was living there because they were secretive about things.They did not submit any newsletters or emails to keep condo owners up-to-date on what was going on.We only had 2 board meetings in the 3 years that I was living there even though we were supposed to have 4 every year.I did not know who any of the board members were with the exception of the secretary.I was not even given an official address to send payments or requests to.We paid our dues by placing a money order or check in a mailbox in the basement.

@Alex HostetlerYou said you had a verbal contract, then the seller filled the unit prior to you submitting the actual offer. 

Should we submit an offer to the sellers and put some contingencies in there?

You can copy that letter and submit it with your offerers submitted and give the owner, hopefully, some comfort that you can close and afford his property.  

Question 3 - Does it just make sense to wait for the price drop and then submit a bid?

Here is a video of the project I am working on.