These are great people to involve as financial partners or private lenders.

If the house needs work, or even if the systems are aging, I add this to my initial purchase price for the calculation, plus a contractor's price margin for the hassle involved. 

I think wholesaling would be a great way for me to enter the real estate scene; a subject I'd love to become involved and invested in.Ive read that having a real estate license can be an advantage in wholesaling, as it gives you access to the MLS with the ability to comp properties.

I see a lot more opportunity to put less money down to have more reserves since this would be my first time getting involved with tenants.

I have had plenty of good rentals, but please consider how things can go out of control and consume your life and money. 

The whole point in having a notary involved is that the process itself authenticates the document and confirms the signer. 

I would set financial parameters based on what you want your COC return, ROE, and monthly cash flow to be.There are ways to control for CAPex in older properties, it is just more time-consuming.

I didn’t want to get involved in an expensive game of “hot potato”.Instead, I invested in a 3 Family closer to Rutgers.

Do you think I could arrange this myself between them without the need to get a lawyer involved?

@Clayton Hutton As Jeff suggested, a fair deal is what all involved parties consider to be fair.