I'd say the biggest issue new investors have in trying to write contracts is that fail to really understand the risks involved and tend to devise contracts that are too favorable to them.

Do yourself a favor and keep asking questions and learning as much as you can.Much success in your endeavors!

As for financing it I could probably borrow the cost from my parents to purchase and fix it up if I were to flip it, and could probably get a favorable interest rate, or offer them some of the profits, not sure the best way to structure that.

Do yourself a favor and at the very least reach out to them and see if they are a fit for you.

I have about $150k in equity in the property by my estimate, and therefore, would be willing to carry a mortgage in 2nd position for about 30-40k if the terms were favorable.

If you really want to do some networking, you should spend $10K and hire this guy (The Dan Band): You can use the extra $20K on booze and party favors, and I would certainly come hang out with you and let you into my "network", as would many other seasoned RE investors who could open up at least as many doors for you as Armando!

Account Closed can vouch for this...AS I type I'm putting contracts together for 4 houses...lease option assignments...one will net me $5800, another is $7500 and the other two are smaller but I'm doing them as a favor so they are only $3500 each.Guess what I risk?

The part about the contract is particularly relevant, in that a contract is really about solidifying what is acceptable to both parties; sure, most tend to favor one or the other, but the bottom line is that both must agree to it, or it is non-binding.One issue with our situation is that he did a lot of work; the problem is, he was set to do the more expensive work (hvac, some more electrical, appliances, etc) last, so the final draws were still rather high, but they had to be bulk draws because you can't parcel out portions of an hvac system or things of that nature.

Any tips and advice would be greatly appreciated.I hope to return the favor when I gain some of my own experiences in the real estate investment world.

If you intend to wholesale, just do the rest of us a favor and stay off the MLS.