My guess: if you fail to negotiate, she’s wont leave. 

I took the 1031 funds slated for the failed property and moved them to one of my properties that wasn't failing.Now that the 1031 exchange is completed, I am refinancing the property I put extra cash into to extract that extra cash so I can go buy another property.Meh, I don't think I explained this well. 

But for example, if I made 80,000$ a year, but I also had let's say a mortgage payment of 60,000$ a year and a car payment of 20,000$.... you will be in debt beacause you've failed to account for the income tax.

If you put a requirement in a contract and someone fails to meet the terms, or the situation fails to meet your terms, you can back out. 

After that I get checks, money orders, and if all else fails I'll take cash. 

. % is quite small compared to the amount that attend and pay for them.. but like you said who are we to pre judge it for them.I do believe though when people get talked into paying for these courses with credit cards those folks are almost always destine to fail if they have no other significant source of seed capital to start and the time and energy it takes to be in the sales business which is what wholesaling is.. its sales pure and simple.  

@Shiloh Lundahl  with any lease option scheme you must plan for those that fail and walk away.. and leave you with a big turn over expense.. it would be highly unrealistic to think that all of these folks are going to buy  and all of them are going to take perfect care of the home.. 

They all say the same thing in the end, the successful ones are the one's who kept picking up the pencil, making plans, failing (or succeeding) and doing it again. 

You will pay a higher premium, but will not get a 1920s product that has failing major mechanicals and other heaps of problems.   

I have serious doubts if its been converted into a multifamily...I recently saw 150-yr. old tavern that was attached to the largest grist mill in the country get denied registration...Anyway, location is key...if you are in city limits, or have neighborhood (or deed) restrictions you may be facing a challenge...I know a guy that renovated 20-properties and discovered that the siding had to be replicated to the original...he had to pay a machine shop to create a cutter head so he could mill the siding to the original spec for any repairs.