Thank you for this very clear solution, Derek.  

Be very clear that they must transfer the deposit along with a complete set of tenant records (application, lease, payment ledger, etc.). 

My worry is that while I am clear on the risks (extended timeline to get a tenant in, and expensive buildout) that I am not being nearly conservative enough - do I risk this thing sitting empty for a year, or years, and finally renting well below my implied rate? 

Let the wholesaler spend the money finding the motivated buyer then swoop in and cut them out..

Who cuts the grass? 

Will update this post once the details are clear.

If you get a little further out from LSU, you can probably buy in the mid $200k range and cut $200-$300/month out of that.

Of course, you also have limited liquidity and control.I am a full time passive investor, so I am clearly biased - but passive investing might at least be worth a look. 

Managed to steer clear of the fraud in Metro Detroit, but did get interviewed by the FBI once.

It’s awesome to see someone starting their real estate journey at such a young age with a clear vision and determination.