A wholesaler acts as the intermediary between a home’s seller and an end buyer. The wholesaler contracts with the seller for the exclusive right to buy the property for a set amount. They then attempt to reassign the contract to an end buyer for a higher price, which is where they make their profit. The wholesaler becomes the property owner with the right to transfer the contract, but the seller retains the home’s title. When the wholesaler reassigns the contract, the end buyer completes the real estate transaction directly with the seller. A bird dog doesn't keep the property for themselves – they turn around and pass on their finds to an investor, collecting a finder's fee for their efforts in the end.