Welcome @Malcolm Lockhart to BP! Before starting your wholesaling journey here in Arkansas, I'd recommend you brush up on the state laws and regulations. There were some things changed recently that make it difficult to "wholesale" in the traditional sense. Good luck!
@Malcolm Lockhart contact your local real estate attorney and ask him how to do it on the up and up. It’s all about intent and ability to follow through with what you say you’re going to do. If you put a house under contract with false pretense or KNOWING you can’t afford to close on it or have no intention to, it’s illegal and punishable with pretty hefty fines. Again, contact an attorney and figure out how to do it on the up and up. Don’t get me started on virtual wholesaling... that seems like a whole can of risk to me...
Does this apply to Assignable contracts?
@Benjamin Stewart it all depends on intent. If your business model is mostly long term holds or flips its perfectly acceptable to assign a contact now and then. However, if your intent is to get houses under contract without ever closing on them, they say you are practicing real estate without a license, which can be punished as a felony offense. Like was said earlier, I would recommend consulting with an attorney to make sure you're business model is in line with the new laws.