Start with the part you already half have. Wholesaling means you sign a purchase agreement with an owner, which gives you the right to buy their house at an agreed price. You then sell that right to someone else, usually a landlord or a rehabber, for a fee. Selling that right is called an assignment, and the fee is the assignment fee. You never take ownership and you don't need the purchase money, because your buyer brings it at closing. People loosely say a wholesaler "sells houses," and that's the source of your confusion. What changes hands is the contract.
Virtual just means you do it from a distance. You never see the house.
The $97 buys you a property data platform, meaning a searchable database of parcels with owner names and mailing addresses. Real monthly cost once you're working is more like $200 to $600, because you also pay for skip tracing to find phone numbers, often 10 to 30 cents per record, and a dialer or texting service, commonly $100 to $400 a month. If you mail letters, figure 60 cents to a dollar per piece and thousands of pieces before a signed contract. Someone local does look at the house, and you pay them. A contractor or property manager doing a walkthrough with photos typically wants $100 to $200.
Licensing is the part I'd check first. Whether you need a real estate license, and what you must disclose to the seller, depends on the state where the house sits, and states are increasingly writing rules specific to wholesaling. Ask a real estate attorney licensed in that state before you send a single letter.
This isn't passive. You're doing outreach every day and talking to people who don't want to hear from you. A typical assignment fee cited around the industry is about $10,000, and one recruiting source put average wholesaler pay near $55,700 a year, which reads like a job because it is one. If you want income without a second job, this isn't the strategy.
