Wholesaling A Deal From Another Wholesaler

[Kim Wilson]

Hello! My sister and I received a call from another investor wanting to assign us their contract so that we can find a buyer. They want $500 in earnest money, however, we are just starting out and really not in a position financially yet to do this. We have some buyers that we could market this to, but if we don't find a buyer, we are not in a position to actually make the purchase. I read in another post that it's possible to do a joint venture with the wholesaler, and think that would be the better route. My question is: Is there a contract that needs to be in place with the wholesaler stating this? What would be needed (i.e. steps to take, documents)? Any help from someone that has gone through this would be appreciated.