That is, they take the arrears, the late fees and any legal fees and they create a 2nd.

The disclosure must include:1. that this is an equitable interest2. if wholesalers does not have legal title and may NOT be able to transfer title

You can provide more details, but there is no legal requirement to do so.

Isn't it unlikely that a homeowner who cant afford a 2-3k tax bill would even challenge this legally?

In any contract you don't typically need a clause saying what you CAN do, its assumed you can do anything legally allowed as an owner including sell.

., AirBnB) as it will expose your property to bad actors.Law enforcement and the legal system seem to operate quite slowly out there.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

This second defeat at the ballot seemingly left WIP with few options, and it was looking like they way overpaid for this land that in it's current legal state could only be used as a golf course or park. 

I understand this is not a requirement, but I have never received a damaged unit from an inherited tenant or any legal issues.

Well anyone can write anything into a contract, but whether it is legal and enforceable is for the courts to decide...It is State law here that a contractor must call 811 or they are liable for the costs.