He, and I, and our company attorneys spend several hours and thousands of dollars to ensure that I could do this legally.. and exactly how. 

If you need to pass along, (i.e. get someone else to pay the arrears) then obtain an option so your eventual owner-occ/ TB can pay assignment fee+ arrears for the deed like @Desi Arnaz suggests, then do that.Either way, qualify your tenant buyer properly to ensure your seller's mortgage is paid and there are no issues with Dodd Frank / SA stuff. 

I hear it is much like Poker, as I know nothing about Poker the real players I hear are not looking at each hand they win or loose on, but what did they accomplish during the whole season or year.

I would also appreciate any input on the clauses that can bog down, tie up, or outright undermine the success of a possible wholesale transaction.Any and all help/advice would be appreciated; especially the advice given from those who have successfully & repeatedly used the contracts & clauses that they have recommended.I am new to the REI world but I am trying to learn as much as possible in regards to ensuring that I am attempting to complete every aspect of the entire wholesale process in the most wise, prudent, correct, and of course effective ways as possible.I am wholeheartedly looking forward to the day that I am considered by other professionals in our industry as a truly valuable asset to our field.

I would also appreciate any input on the clauses that can bog down, tie up, or outright undermine the success of a possible wholesale transaction.Any and all help/advice would be appreciated; especially the advice given from those who have successfully & repeatedly used the contracts & clauses that they have recommended.I am new to the REI world but I am trying to learn as much as possible in regards to ensuring that I am attempting to complete every aspect of the entire wholesale process in the most wise, prudent, correct, and of course effective ways as possible.I am wholeheartedly looking forward to the day that I am considered by other professionals in our industry as a truly valuable asset to our field.

I'd suggest checking out Patch of Land as they have a innovative crowd funding platform and they evaluate each deal to ensure they believe it will be successful (another set of checks and balances especially for a new flipper).  

Do business with people you trust, communicate often and ensure thorough understanding, and stay out of court.

If you cant fund the whole deal by yourself I would bring another player on the table.

Best practice would be to ensure that the insurance policy covers you personally, as well as your LLC (if titled to an LLC).

I like to buy about 25-30% below market to ensure I can withstand that type of drop in prices.