Process of wholesaling

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Hello, 

So I have different processes from different people. Some people are telling me that once you sign the contract with a seller, you take it to escrow with EMD, and then start looking for buyer. As soon as escrow starts, your inspection period starts as well. Then you look for a buyer.

Another person is telling me that once I sign a contract with a seller, I hold it with me until I find a buyer, who will sign an assignment contract. He mentioned that inspection period begins before you even talk to escrow. Then, I take both the seller contract and buyer contract along with both EMD to escrow, and open escrow.

So, you can see my concern and why I am a little confused. Ordinarily, selling a house, you open escrow and then go through inspection period, so I'm a little skeptical about the latter process. Thank you in advance for your help!