Absolutely a terrible idea to lock in a tenant on a 3 year lease when you have no idea if they are good or bad.

This could be an amazing deal or a terrible deal depending on other factors.Who is estimating the remaining construction costs to be $120k?

I am terribly sorry for your situation.

andNo, it is a terrible area to invest!

I recommend buying a condo that's 10-15 years old, so you know that the remodel won't be too terrible.

I don’t wholesale personally as I think it has a terrible ROI but if you are inclined to seek out distressed properties, the only real scalable option are FB advertising as Account Closed suggested or direct mail with an well organized, scripted telephone program.  

Plus his communication skills are terrible or hes "hiding" to buy more time.It's great you have a contract, some people dDont even get that but a contract needs a date of completion.

The road to the property is paved too, not terribly far from city limit.

Reason Im considering selling at the end of the lease (March '19): I'm concerned that in another year, higher rates will make it harder to sell a property this expensive and another inevitable bump in terrible Texas property taxes will push the needed rent to a place that isn't feasible.I'm not familiar with a Mortgage Wrap, ill have to look into that.Kraig

Some contractors are absolutely terrible.