I haven't explored condo conversions or anything like that as it involves a more sophisticated market understanding that I don't have yet.

Help me understand this.  

"IF" I understand this the home is paid off by your mother, and she has a land contract with her?

Educate yourself so you can understand how to avoid taxes through proper tax planning.  

I agree with my colleagues an agent will easy the search because they can understand what you are looking for and focus on narrowing the search for you.

It is better for them to get half the profits than no profits, and you gain invaluable experience as they take you through the process with them.DO NOT go half-cocked and mail without having an understanding of the legal requirements for your area for assignment contracts.

It shows people you are serious about the investing, that you have a basic understanding of RE and some fundamentals that go along with it, and that you are legally able to be paid for your services. 

@Amber BraithwaiteAmber, once you have some basic education and understanding on how wholesaling works, the best thing is to go out there and make it happen.

I obviously dont understand what earnest money is.  

I think once you hire an operator, you will have a better understanding of the difficult market you are entering.