Any Of You Ever Buy Investment Properties From A Whoelsaler?

A friend put me in touch with one today, came by my office and introduced him to me personally. Basically he's the guy with the we buy ugly houses signs,sends out letters,looks up bankruptcy and divorce filings,drives around looking for flooded houses,etc.

He basically lowballs desperate people until they cave, then he locks up the right to buy the house at a killer price then marks it up to his investors for a $5k+ upcharge while the investors can still make ALOT. There's no negotiating his price is his price. Keep in mind all this is before his company has closed on a house, he then closes on a house and immediately sells it to his investor and holds onto some for less than a day.

He said he doesn't like to hold inventory and fix and flip himself so hes basically just a broker. He said he tries to get homes for $50k+ under market value, make a little bit himself and leave the rest for the investor whose fixing,renting,etc. He also has a high interest rate financing arm at 6% for investors who buy,fix,flip and dont have the cash

Anyways does this sound too good to be true? He added me to his email list and first deal came through today and it was a home appraised at $127k on the tax records, market value like $160k for $115k and needed abt $20k in repairs but the owner was selling but wanted to rent it back, not sure why, and would immediately give back $18,000 at closing for a 1 year lease at $1,500/mo. Sounded like a great deal but was gone in less than an hour.

Anyways never heard of a guy like this before, he says hes a wholesaler, but he's a good friend of a buddy I've known all my life and he just thought we'd be a good fit working together. He doesn't help you with title searches,inspections or any of that like a normal realtor, so how does a guy like me with no experience with that kinda stuff even begin to understand what Im getting into and need to do because Ive always worked with a realtor when buying properties bc Im interested bc he supposedly releases 1-2 properties a day and its first come first serve so there isnt much time to dig in much.