And, yes, there are years of data points to validate that just within my office, tens of thousands of dollars of wasted appraisal and inspection fees for deals (mostly not mine, thankfully) that had 0.00% of going anywhere but the "Loan Application Declined" bin. 

It is important that you hire professionals who have experience working with foreign investors.

It may be worth having an experienced professional helping you and you could always try to get the seller to pay your agent’s fees.

And IMHO, the prices are dropping big time (on avg. 10K/month...houses that were above 300K a year ago are not selling at 250K now) and the available rentals saturation is worse than I seen during summer season (with rents dropping from 1$-1.08/sqft to 0.8$/sqft and very little contacts and applications...just go in Zillow and look how many rentals are on the market now in Kyle, New Braunfels or Converse). 

Regardless of legal nuances, I can tell you from extensive professional experience: Don will WIN an IRS audit for his Subject-to interest, as long as he can show that he made the payments.

Wholesaling real estate is among the hardest possible ways to start out your professional career. 

My day job is being a financial professional, so I have good experience with underwriting and sales that I believe can be translated to real estate.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I guess that you could call me a 'professional host'.  

Unless you qualify as a Real Estate Professional (which has strict requirements), your rental losses can only offset passive income.