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.

Also, my understanding is he is going the short sale route to avoid foreclosure?

@David Faulkner the timber play is a rural lands play and the MLS can be your happy hunting grounds.. but first you have to understand timber.. and how to value it and how to log it etc etc. 

There is a lot, its a lot to understand, and trying to learn everything while making a very large purchase isn't a good idea.  

Whichever market you ultimately choose, make sure you understand in which part of the "real estate cycle" that market is currently in.  

Those considered sophisticated are those that have an understanding of the risks associated with investing.