Just back of the napkin, being a broker/lender who offers them, Yes you could buy a small 2-4 unit property with them. 

It includes its water-distribution system, sanitary-sewer system, gas lines, and site electric in the former category, placing everything else in the latter.

wholesaler is really the owner and has no debt on the property sounds like and you have the 120k in cash to execute the rehab.Just have to do simple napkin math.ARV 800k  you said it was around 810 so let use that.selling commish  @ 5%  40k  but maybe you have an in with an agent and it can be less or it might be 6% so lets go with the 40k615k  and if they are throwing it in with ZERO cost of capital  ( which would be great for you)then you have no interest carry.And if there is no closing IE your not buying it up front there is no escrow costs or title insurance although if I was U I would order a title report on it and make sure he owns it and there is no debt or other liens or encumbrances that would foul up a say.Tax's utls  during the process depending on what state its in Tax's could be as high as 15 to 20k for the year. and utls say 200 a month..

This applies if the unit came with an AC system.It does not mention mold, moisture or humidity, but says:-- the unit must provide a safe, sanitary, and healthful living environment for the low income residents.This is from the SAHA Landlords Handbook: https://homesa.org/wp-content/uploads/2019/10/Landlord-Handbook.pdfYou area may be different.Good Luck!

THIS IS JUST NAPKIN MATH.

I wanted to be sure my back of the napkin analysis wasn't misleading me.I would rather have more properties because it distributes my risk.

In fairness, we rent fully remodeled units and they stand out as Milwaukee has a lot of old inventory.You have about a million people in Fort Worth, some napkin math tells me every month about 10,000 leases get signed.

It was meant as a quick back of the napkin analysis without having to dive into each line item and it was intended as an average, spread over multiple units, all over the country.

Quick back of the napkin numbers I have run: Target Purchase Price: $370kEstimated Renovations: $40-50k (aiming for 2 month reno)Target sales price: $450k (this is based on my own research using county property records, Zillow, Trulia, and Redfin for neighborhood sales w/in past 12 months - not perfect COMPs, I know, but what I have to work with)This is my first foray into this type of thing, so unsure if an opportunity exists, so please let me know your thoughts and help me understand if I'm off in any of my thoughts or am missing something.

You can place "reasonable" restrictions on them, such as requiring a Veterinarian's health report; requiring spay/neuter to prevent aggressive behavior or commercial use; animal must be in a carrier or held when in confined spaces such as elevators and stairways, and leashed in common areas (unless this interferes with the task the animal performs, such as a seeing eye dog); handler must clean up after the animal in all common areas; handler must maintain sanitary conditions for the animal including no offensive odors emanating from the residence; animal must not disturb neighbors with nuisance barking or aggressive behavior; and you can require annual updates of both the "request for accommodation" letter and the Vet report.