Can I legally sell or transfer (which is best?)

3. what are the things should I look into before signing contract or even officially buying?.

The inspection and appraisal are next week, but I think this house is probably worth 10k more than the contract price.  

I'm sure there are other ways (attorneys etc) but the easiest way to fasilitate contracts is to join a brokerage.

Always do the math anaysis and try to look at the prospective property before you make an offer on it or at least have a clause in the sales contract that will allow you some time (about 15 days) to make a detailed inspection and possibility of backing out of the deal without a penalty that will hurt you too much.  

In fact he is putting another 12 under contract from the same investor. 

I would recommend getting one that had been used in the industry and updated recently.There are places you can buy a premade one- maybe legal zoom has oneOnly use an attorney , if they are a real estate attorney.  

I am working with Streamline Funding out of Austin TX for my HML.I have my first property under contract and just finished the inspection.I will keep everyone posted on how things go.The reason for me starting this discussion is because, I have been apart of this forum for over a year and some of the questions I had about the estimated costs of getting your first deal started, were never answered.For example, Earnest Money ($2000), Inspection ($275), Appraisal($406), Closing cost($3000), having to put money into escrow for construction cost ($4000).This is all for a hard money loan.These are thing I am learning as I move forward.

What do I specifically seek to know wether or not I should even attempt to get this into contract? 

What are all necessary contracts associated with the wholesaling process?