Wholeseller Newbie: Need Help

[David Gregory]

I've only done buy and hold rental property to date. I would be buying more but I'm low on capital right now. Nowadays, as I start to build my capital back up, I drive around a lot looking at neighborhoods, houses for sales, houses that look abandon. So this house in my own neighborhood looked abandon back in September 2015 and by the time I try to track down the owners to try to make an offer, two neighbors did a JV and had already bought it. Homes in this neighborhood range from 400k-500k. They bought this distressed home for $150k. The two neighbors disagreed on what should be done with the house so rather than repair the house and make it move in ready, they just cleaned it out and are now trying to sell it for $299k. It's 4 bedroom, 3 bath, 2571 sqft on .88 acres. I'm pretty sure the house nearly needs a full gut. Depending on the cost of the gut rehab, which I'm working to guestimate, is there enough meat on the bone for a wholesale deal? Also, how does wholesales work? Do I get the house under contract for a certain price and then assign the contract to an investor? What kinds of forms/contracts does a wholesale deal require? I'd appreciate any help I could get here. Thanks again, Dave