I feel like that will happen at some point and don't love that risk. 

Feel free to reach out always happy to jump on a call

Current monthly pymt is $2795 (including $640 escrow).

The market here offers a lot of potential.I highly recommend making a trip here to get a feel for the different neighborhoods and understand where the best opportunities lie.

If you feel confident in the tenants signing those long term leases, this is a slam dunk and you'll have a cash cow on your hands very quickly!

Personally I wouldn't feel comfortable trying to wholesale a relatives $1M home knowing that I am breaking the law if I cross over into doing anything that can be considered representing them in the transaction, and knowing it will only be marketed to people who buy properties wholesale (typically investors who don't want to pay retail prices), instead of the majority of retail buyers active in the market who are typcially willing to pay more. 

This could be coupled with the a dramatic drop in the S&P 500 which would feel pretty awful.

You could structure the deal with seller financing to bridge the gap.Possible offer structure:-Purchase Price: $170K - closer to actual value-Down Payment: Low or zero down to conserve cash-Interest Rate: 3%-5% - or better yet, 0% if the seller will agree-Monthly Payments: Interest-only or deferred until the sale-Balloon Payment: Full payoff in two years when you sellIf he wants $200K, you can still make an offer of:-$170K purchase price + $30K as a second lien due at closing-Seller carries $170K at a low interest rateHe would feel closer to his number, but you still keep within reasonable investment limits.2.

I really like having multiple opportunities to make income from 1 property, including a worst scenario of converting all the units to LTR. 

Do you include a website on the mailer, or just a phone number for the seller to call?