I had a similar issue with my "retail" Realtor when i was trying to get my first investment property.

Wouldn't it be competition to another person to have similar interests in that same objective, only to become friends or partners with them?

I am trying to work out a similar deal on my latest as soon as it is rehabbed.

I searched and found many forums similar to this topic, however most of the died shortly after starting with no in depth information explaining the difference between residential and commercial wholesaling.I have found a great deal on a 7 unit complex that should sell quickly to a rehabber/investor, but would like to know how different it is from a residential purchase agreement and assignment contract?

Check out this post I wrote on the BP forums about that same thing: How to Make a Million Dollars in Real Estate: A Step by Step PathAs for some book suggestions - I'd recommend all the books on this list, but specifically I'd recommend the "Unofficial Guide" book in that collection - as it seems the most similar to what you wanna do.

Since there are 3 other similar properties on the market in that area, I am thinking of bidding 120.

Here is a link to a recent thread that had a similar discussion:http://www.biggerpockets.com/forums/52/topics/90868-early-termination-situationThe "let them go amicably and find a replacement" approach makes sense for difficult people like this, so the penalty becomes the only point to consider.

I built my pro forma based on similar ones I've seen for residential but I like this much better.

So Harry K. you will have to convince a 'good wholesaler' who will undoubtedly have plenty of buyers in his back pocket why he should take the risk and go with you.It may be better, as others have suggested lately on similar topics, to groom a newbie wholesaler with potential to go out and find you deals.

Brandon - I've read the beginner's guide and similar books over the past year, great information there.