I would recommend getting one that had been used in the industry and updated recently.There are places you can buy a premade one- maybe legal zoom has oneOnly use an attorney , if they are a real estate attorney.  

I am working with Streamline Funding out of Austin TX for my HML.I have my first property under contract and just finished the inspection.I will keep everyone posted on how things go.The reason for me starting this discussion is because, I have been apart of this forum for over a year and some of the questions I had about the estimated costs of getting your first deal started, were never answered.For example, Earnest Money ($2000), Inspection ($275), Appraisal($406), Closing cost($3000), having to put money into escrow for construction cost ($4000).This is all for a hard money loan.These are thing I am learning as I move forward.

What do I specifically seek to know wether or not I should even attempt to get this into contract? 

What are all necessary contracts associated with the wholesaling process?

If they own several they are obviously investors.Once you get a response from the seller of the vacant house, negotiate a deal to buy it for all cash and get it under contract.

If I am able to bring down both or either price to below market value (but less than 20% below) , is it worth going into contract with if an investor won't make a large return?

I submitted an offer last week and hope to be under contract soon. 

Contract?

He formerly operated Master Contracting, LLC but closed it down due to several lawsuits for fraud.  

We believe seller agent executed in such fashion as stated below because seller wants to sell to backup offer which is higher bid than our agreed upon purchase price in contract.