Step#1: Locate Prospective property to acquire. Some of my favorite methods include buying bank foreclosures (typically called REO's), working preforeclosure deals, placing ads in local newspapers, using bandit signs with "We Buy Houses" and my phone number.
Step#2: Make offer. Be sure to use the correct formulas in order to maximize your profits, and minimize your chance of making a mistake. Reference 2 other ezine articles on the subject.
Step#3: Fund/Close the Purchase of the property. You can alternatively try to assign your contract to another investor for a specified amount, or simply Option the property from the seller, and assign your option. Options present you with the least risk, but also possibly the least security in the deal. Be sure if you are going to assign your purchase and sales agreement, or the option agreement, that you use "and/or assigns" for the buyer, or optionee.
Step#4: Market Preparation. Have someone clean up property, or remove trash from the property. Place lockbox and for sale by owner signs.
Step#5: Find a Buyer - sign paperwork and send to closing company/attorney.
Step#6: Deposit check into your bank account. As you are doing Step #6, you should already have another property located from Step#1 to keep the pipeline full.
Be careful trying to wholesale homes located in war zones. Yes, there are buyers for many of those properties, but it is better to get stuck holding a property in a nice neighborhoods, than one you may have to tummy crawl to pick up a rent check.
Visit www.FlippingMind.com or www.MindOfAnInvestor.com for more information.