Usually referred to as Wholetail selling on a retail market with a wholesale price with your target buyer being and actual home owner rather than an investor.Lets say you offer him $71,520 with $5,000 down over 20 yearsclean the house up and paint it freshlyand through it on the MLS for about $99k and hope it sold over 4 monthsYour monthly would be around $566 or $2,264 over 4 monthYou will have about another $2,500 in closing at sale, $300 in inspections cost and $5,940 in commissions You will have about $7,264 + cosmetics and utilities invested.But you will net about $10,000 after sale$71,520 + $5,940 + $2,500 + $2,264 = 87,854$99,000 - $87,854 = $11,146Something like this can also be done and your numbers could be adjusted and negotiated if you do a 30 year term insteasd of a 20 the month would be lowered speak with your realtor about this as well.Just a thought my mind tends to analyse deals quick and run off track at this point.

When he was referring to a spec home I assumed it was a commercial type ARM loan.

Any before pictures or video for reference?

Sorry I was referring to acreage.

I'm guessing by 'number' you're referring to the price he/she will accept, correct?

As used in this chapter: (A) "Real estate broker" includes any person, partnership, association, limited liability company, limited liability partnership, or corporation, foreign or domestic, who for another, whether pursuant to a power of attorney or otherwise, and who for a fee, commission, or other valuable consideration, or with the intention, or in the expectation, or upon the promise of receiving or collecting a fee, commission, or other valuable consideration does any of the following: (1) Sells, exchanges, purchases, rents, or leases, or negotiates the sale, exchange, purchase, rental, or leasing of any real estate; (2) Offers, attempts, or agrees to negotiate the sale, exchange, purchase, rental, or leasing of any real estate; (3) Lists, or offers, attempts, or agrees to list, or auctions, or offers, attempts, or agrees to auction, any real estate; (4) Buys or offers to buy, sells or offers to sell, or otherwise deals in options on real estate; (5) Operates, manages, or rents, or offers or attempts to operate, manage, or rent, other than as custodian, caretaker, or janitor, any building or portions of buildings to the public as tenants; (6) Advertises or holds self out as engaged in the business of selling, exchanging, purchasing, renting, or leasing real estate; (7) Directs or assists in the procuring of prospects or the negotiation of any transaction, other than mortgage financing, which does or is calculated to result in the sale, exchange, leasing, or renting of any real estate; (8) Is engaged in the business of charging an advance fee or contracting for collection of a fee in connection with any contract whereby the broker undertakes primarily to promote the sale, exchange, purchase, rental, or leasing of real estate through its listing in a publication issued primarily for such purpose, or for referral of information concerning such real estate to brokers, or both, except that this division does not apply to a publisher of listings or compilations of sales of real estate by their owners; (9) Collects rental information for purposes of referring prospective tenants to rental units or locations of such units and charges the prospective tenants a fee.

She can refer you to him.

Another note would be for future reference.

@Lech Wlazlo You would not know who is a good wholesaler unless someone refer them to you.

Your time will be better spent striking up conversations and beginning to develop a real relationship with a lender or someone who can refer you to a lender.