Should I have him add language to the promissory note that I am paid out first upon sale of the property?

Sales price was 58k so with the 20% and closing cost I paid about 13.5k up front.

this should be quite easy for you.I deal In philly you would be my go to type of guy.. when I get a letter or call from a philly non licensed wholesaler I don't give it the time of day.. but that's.. me I tried over the years.. but the industry is plagued by beginners who are trying to do as @James Masotti described the very hardest thing to do in real estate.. and like anything sales related.. there are a certain amount that will make it work.. but those folks would make any business work.. the rest they just do what others mention they get whopped up on Hey I am going to wholesale so I can buy and hold.. blow what marketing money they have then just fade away.. seen it for decades.. especially in the foreclosure realm. 

Assuming you are doing a traditional sale with a title co., they will get a pay off from your lender and disburse funds to them from the sales proceeds....you never see or receive that money.

You would have the option of doing a FHA loan on a househack in Rochester.2) You may be eligible to exclude a portion of the gain from the sale since you lived in it for 2 out of the last 5 years.

The plan currently is to fund this flip (price at foreclosure sale + reno) by private money at a 10% interest rate with no payments until closing, after the flip.I looked through all the contracts available here on BP and none of them seemed like the right fit. 

These will be the easiest people to gain sales from initially.Hopefully you have some friends who are also real estate agents?

Talk me out if a sheriff sale!!!

Purchase price: $75,000 Cash invested: $30,000 Sale price: $206,000 This was a great little rental in a good neighborhood.

This bulk sale was for around $70k a unit.