Owner of a 7,200 square foot house told me he'd take 1.3 to be done with it

Wholesaling at any price is the same shape. You sign a purchase contract with the owner that gives you the right to buy, that contract permits you to transfer your rights to someone else, and the person who takes it over pays you a fee. You never own the house, so you never need the 1.3M. What you do need is the earnest money deposit, enough time in the contract to find a buyer, and a seller who agreed to the whole arrangement in writing.

At this price the differences bite. The pool of cash buyers who will take a 7,200 square foot house with a full re-pipe in front of them is small, sometimes a handful in a metro, and they underwrite slowly. Your renovation estimate carries more risk because mechanical and finish work at that size runs into six figures quickly. Comparable sales are thin at the top of a market, so any resale figure you build has a wide error band, and that band is where your fee lives.

Two things to settle before anything else. Whether marketing a property you hold under contract, and whether taking an assignment fee, requires a license or specific disclosure depends on your state, and several states have tightened these rules recently, so ask a real estate attorney in your state and get the answer in writing. Second, find out what is owed and who is on title. An owner who wants to be done can also have liens or a lender who will not agree to the price.

If the lead interests you more than the mechanics do, you can bring it to an operator who works this size and agree your share in writing before you make the introduction.

The version I'd want on a first deal is the one where you don't sign anything at all. You found the lead, you know the plumbing better than any buyer will, and there are people who do 1M plus deals who would pay you a fee for the introduction. Smaller money, almost no risk, and you get to watch the whole thing from inside. Put your share in writing before you introduce anybody, because handshake finder deals are where people learn what handshakes are worth.

I look at deals from the money side and the sentence that jumps out is "done with it." I'd want to know what he means. Divorce, an estate, a second mortgage he can't carry, a special assessment on the pool, code letters. Any of those change what 1.3 is worth, some upward. Also, if he says 1.3 and a broker would list it at 1.75 after your 46k re-pipe and some paint, this is a real deal and it will attract people faster than you can organize yourself. So find out what he owes this week, not next month.