I have heard plenty of people misuse the terms wholesaling and rehabbing.Wholesaling is sometimes done by acquiring the property, then selling the property for a profit with very little or no repairs and improvements, thus being a flip. Flipping can be accomplished by a numerous structures and one being the "simultaneous closing" or "double closing". I see how it confuses people, now on the other hand, rehabbing is confused with flips. Buy a property fix it up then sell it for profits, this for most people is flipping , but understanding the concept of the two will bring different profit margins.
Wholesaling is sometimes called "assignment of the contract" you buy the property below the market value and you sell it below the market value, and as I mentioned above, very little or no improvements will have to be made, so buy low and sell low. A good thing about wholesaling is that you never take ownership of the property after being under contract.You assign the contract to buyer/investor who then will close on the property and this can be accomplished with little or no money down.
