They were both people I ALREADY knew, just had to to let know WHAT I was doing and let it marinate a bit ;-)

You are talking about "fair market rent", but a unit that hasn't been updated in over 15 years will require rehab to get to to "fair market condition".Lets say it costs $6000 per unit to update.

I personally stay away from them unless I have the ability to to cash flow very well or a few exit strategies. 

I agree with what you are talking about and had to to switch to a buy and hold investor.

I think the profit margins should also grow a bit larger to to protect yourself as prices are coming down everyday albeit slowly in the starter home price range.  

Is there a minimum length of time you want to set the balloon payment for the private lender just so you have enough of a cushion in case it takes longer to to sell the house or refinance it, like a year? 

Try a cordial conversation, ask him to to comply nicely or offer him the chance to leave of his own accord.

If you do waive something I would make sure to to let them know you are covering this expense because they've been a great tenant and you would like to keep them around long term.I'm not familiar with your market but going for a $100 increase on that price point might scare them away. 

I am 100% absolutely it is the BEST way to get started in the business.As a wholesaler you will learn how to find off market properties.You will learn how to negotiate with sellers.You will learn how to negotiate with buyersyou will learn how to do ARVsYou will learn how to to CORsYou will learn how to deal with contracts, assign them and go through it all.Yeah... wholesaling is an excellent way to get started if you asked me.I mean I started with wholesaling and look at me.

This is a strategy that I have seen used by others so I thought I would mention it - happy to to admit when I'm wrong and to have learned something new.