Got my first wholesale deal! Now how to close it? Yikes!

[Nadirah Dawson]

Hello All, So I found my first deal! Kept driving by this house that showed the signs and finally got the nerve to speak to the owner. He is an older man (so sweet) who just can't maintain the property anymore. Now here comes the work... I got a GC to come to the house get an exact scope of work for repairs. I originally thought the house would need about $40k for repairs but after speaking with the owner several times, I think it's going to be more. But I don't know what steps to take first, please help! Now my question is, 1) where do I get a purchase and sale agreement WITH an "and/or assign" clause? 2) when I present it to the owner, do I just give him an earnest deposit in his hand? I was told u can give as little as $10. How do I record such deposit? 3) once he accepts the offer (hopefully), then do I send purchase agreement to my Title company ? 4) then do I shop the deal around? I did speak to 1 cash buyer who gave me her specs so I will present to her first. But I will give the cash buyer the assignment agreement to sign. 5) here is the big twist! The owner said he will need about 60 days to move all his stuff and find a new place to stay. Can this time be given to him for this type of transactions? Will a cash buyer be willing to wait that long? Was thinking to tell the owner that he will be responsible for the taxes as long as he stays in the home. 6) how can I protect myself from being swindled if the cash buyer wants to see the house, which mostly he/she will. Will the owner and the cash buyer just try to deal with each other even though I brought them together? So here is the "deal" ARV:$384,600 / it's in a great neighborhood! (6 bedrooms / 3 baths) according to the owner. Offer: 196,812 (384,600*.7= $269,229 - $40K(repairs) - $10,000(estimating closing costs) - $12,408 (estimating realtor fees 6%) - $10,000 (my wholesale fee) The cash buyer could easily make $115,392 from the property. But I need your help with this. Are my steps correct? Kindly advise and many thanks'