The extra income is nice but it never covers destroyed yard or replacing all the flooring that was damaged by pet urine.

People like their pets, so I don't want to be overly restrictive, but if they destroy the property I want to be sure I can get things repaired without dipping out of pocket.  1/4 of rent sounds about average.  

Although you don't have to worry about the risk because everything worked out for you, the risk that you would take in such an arrangement is complimentary to the risk that the seller is taking in trusting the buyer to protect his credit by actually paying the bills and by not leaving him with a destroyed investment to have to sell if you were to default.  

I know there are alot of "Fake Wholesalers" out there that destroy the credibility a "Real Wholesaler" deserves or even the few "Newbie Wholesalers" deserve.

I have been contacted by many people claiming to be able to get me business lines of credit or unsecured lines of credit for a fee and most of the time this fee is 10% of the line or $10k...Already in debt and not into a flip lol The other way I can secure a line of credit is to have a company get me different credit cards and liquidate them down to cash, which basically destroys credit and when APR being different on card, this could spell huge bills?

How likely is it that the home could be destroyed by hurricane?

For some people it is cheap they are going to destroy it.

If, when neither the legal title nor possession of the subject matter of the contract has been transferred, all or a material part of the subject matter is destroyed without fault of the purchaser or is taken by eminent domain, the vendor cannot enforce the contract and the purchaser is entitled to recover any portion of the price that the purchaser has paid. 2.  

They can destroy someone else's property and not mine.Jim

I'd spend a little more money to attract a high quality tenant as I believe in the long run that initial investment will end up costing you less by NOT having to settle for someone who will tear up or destroy your property, evictions, etc.I'd definitely spend the coin if you plan on keeping it.