I'd recommend being very careful about how involved you get with college kids and the choices, decisions and responsibilities that they need to make for your property. 

@Danny Van Call Marilyn at the City Rental Dept. and she'll send you all the info you need.Be careful though, of leaving the house vacant for more than 6 months.

It's all about carefully weighing the pros and cons.

They don't care about your criteria, since it's not going to change the kind of deals that they come across.The take-away here is not to be like most newbie wholesalers: Don't do "carpet-bomb" marketing!

They asked, “why do you care about junior lies when you are in first position?

. - Just be careful with this one as we once had a tenant store stove/fridge outside in the yard - during the winter -- so they were ruined.

Be careful with FHA some loans will keep the PMI for the life of the loan.  

Be careful of marketing the property on your own, there are a lot of scams out there directed towards tenants.

I never cared what they are making as the assignment fee, as long as I knew the numbers worked on my end.As for a purchase & rehab lender that will finance up to 100% of the wholesaler's assignment fee - I can introduce you to one that finances that and also 100% of the purchase & rehab up to 65-75% of the ARV.As a lender I sometimes receive off-market properties from wholesalers and other sources and share them to our borrowers if they fit what they are seeking.

Just be aware that the city is underdeveloped and you might want to be extra careful when choosing tenants to make sure that you'll be collecting your rent every month.