Wholesaling a land contract property

[Jean T.]

I purchased a 3BD, 2BA property on a land contract about 4 months ago. I am a new investor, so things have been going slow for me. The land contract terms are no payments for 6 months.

The initial thought was to rehab this property and re-sell or do a lease-option before the payments start. But in this current credit market, I have not tried to get a rehab loan, as I've been afraid of how this can affect my ability to refi out of two other properties I rehabbed. It is now 4 months, and I haven't started anything on this property.

It just dawned on me that maybe I should consider wholesaling the property to an investor. Since that wasn't my original focus, I'm not very familiar with wholesaling.

Is there any advice for me out there on wholesaling a property that I have already purchased on land contract? Anything to watch out for?

Many thanks.