Structuring of Wholesale deal

[Adam Gerig]

Hi guys I am new to this forum, but have been lurking for awhile now. :) I've been reading as much as I can and listening to a lot of Sean Terry's podcasts about wholesaling and I have some relations with people that I think I could get their property under contract and flip it to and investor, but I guess I'm more scared of the pitfalls of 1)Having something I could have to close on if I can't find a buyer(I know there should always be out clauses) 2)since I do have my realtor's license (but wouldn't be representing anyone) getting in lurch for what some people may say is a net sale or how wholesaling is "illegal"

I guess is the real question I want to know is how do you go about getting over the fear of it and two how do you actually structure the contract. I have got the forms from Sean Terry's site here [http://ec.libsyn.com/p/d/2/3/d232487b7b27e6ab/Buying_Blank_RPC.pdf?d13a76d516d9dec20c3d276ce028ed5089ab1ce3dae902ea1d01cd8f3ed0cc583d3f&c_id=4413313], but how would you actually go about filling this out. This seems pretty generic to me and doesn't account for anything iron clad that I guess I would want to be putting in there to 1)protect my butt 2) to have all contingencies in place in the contract.

Anyone who has any experience or suggestions I'm all ears. Like I said I'm totally new to wholesaling, but don't want to pass up another income stream that I could be taking advantage of. What do you guys use in your contracts?