What to do with this property?

[Ty Cooper]

Hello All

So I have come across an individual who is willing to sell his property for $20K. He recently purchased the property last year and he has a mortgage remaining on it of around $170k and home is worth $180K-$185K via CMA. I discussed with him the deal and as long as I come up with $20K I take over the property while carrying the mortgage. There's little equity in the home and there are minuscule repairs that need to attend to, beyond that the home is in pristine condition. What's is the best strategy for making a profit of this home? My business partner wishes to wholesale the property but I would like insight upon which strategy would be best... Thank you.

As a Rental

The rent in the area goes for about $1600. So the cashflow would be $400-500 a month.