Backing out of a contract because you can't find a buyer is one of ,anybteasons why manybstates, especially FL, has cracked down on this strategy as it is a deceptive practice against home sellers.As a wholesaler, when you sign on the dotted line, your intention should be to buy that home.

I recently lost a deal to another investor as it was on the thinner side and I didn't want to get into a bidding war with the other investor. The seller said she would have rather sell to me as some things didn't add ...

Though things are changing, Canadians have been less inclined to sell their properties on their own or though channels other than an agent.There are folks here who have been successful in wholesaling (@William Johnson) and some who use it opportunistically within an arsenal of other practices (@Luc Boiron).  

I did talk to my broker about this and although it’s not a common practice at our firm, it shouldn’t be a problem.

I would just chime in that starting out, a hands on approach seems most practical, just so you can get a true understanding of what goes into managing a property.

@Ian Walsh I do think I just spooked myself when I started in doing some due diligence into the legality of the practice.

Where we lived in China, for example, it is common practice to collect 6 months to a year of rent up front not including the security deposit.

Is that not a common practice??

If at some point you think a newbie could help you please feel free to reach out to me, though I have no practical experience only what I've learned by reading and being on bigger pockets!

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