A friend wants to buy a wholesale or fixer-upper

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A friend of mine in the Fort Worth Texas area has been going through some hard times with job changes, family trouble etc, and he says his credit has been damaged. He wants to buy a "fixer upper" and do the rehab himself for his own residence. I suggested he consider a wholesale deal or some investor type deal, but that he would typically need cash to close. This is the problem, no or little cash. He does have a high paying job however. His ARV price range is about 120K.

What is the best option for him? If it takes him 1-2 years to fixup, then the financing he gets in the mean time could eat up any savings from getting a whosale price. Are there other types of financing for rehabbers? Govt programs for rehabbers?

Since he is in no hurry, I think the best option for him, is to simply save 30-50K in cash, and THEN go looking for a wholesale deal.