$30k CA Foreclosure Profit- Tenant rent at 30% Above FHA Monthly

[Christopher Abernathy]

I am wondering if this sounds like a safe investment, or if their is anyway to wholesale this deal out to another investor. 

Buy this 3/1 ba 1000sq ft palmdale 1 acre property at $210K FHA (with her own $8,500 Down)

Rent to her at $2,000/mo while my FHA payment is $1,400 = $500 cash flow /mo already rented!

Fix her and her co signing husbands credit during the 6 mos (We run a credit repair business)

Sell back to her in 6 mos at $250k (ARV $250k) (she wants to not have to put more money down at that point.)

HERE IS THE SCOOP ON THIS ONE

sister(Amanda) and husband ( put $20k down to buy a house under her brothers name with the good credit in 2008 for $199k

Fixed up the place added horse stalls for breeding. masonry and other value adds for them. Paid the mortgage down to $164k then the brother gets divorce and wife forces to liquidate assets. Forced to sell the brother and sister dis agree as she cannot currently qualify for financing she feels she will loose all her hard work in the home. She was paying $1600/mo and stopped paying the brother for several months and he now faces foreclosure on 6/22/18.  I was contracted to repair the families credit to get them qualified to buy back the home. 

I currently have an agreement with the sister(tenant) who agrees to pay me $2,000/mo to rent the property until she can buy it from me at $250k. My FHA mortgage will only be $1400/mo. She has also agreed to do both of these numbers $2,000/mo and $250 buy back. Best part of all of this is that she has the $8,500 to put down on this FHA purchase and will be .

I will be cleaning and repairing their credit and evaluating their income to sell back the home in 6 months minimum after my FHA financing.

I am wondering if this sounds like a safe investment, or if their is anyway to wholesale this deal out to another investor. 

Please let me know what you think, im sure there will be many opinions and question regarding this one.