Shane, I don't want to bum you out, but I suggest that you shop around a bit before falling in love with this "deal".

I'm super bummed but I have learned a lot in this process.

You absolutely want that for rentals.But this sounds like some other sort of insurance that at least claims to cover tenant-induced problems like an eviction. 

However, now that I've been educating myself financially (for the first time), I'm completely bummed at my choices!

They didnt work their bum off to create what I have!

I know I'd be super bummed if all the painting, new flooring, and a thousand other improvements I've made got trashed with my first tenants for the property! 

Gifts from these sources are considered inducements to purchase, and must be subtracted from the sales price.4155.1 5.B.4.c Who May Not Provide a Gift

Then again, the Statute of Frauds requires that real estate contracts be in writing.That said, the wholesaler could still be sued for "fraud in the inducement", meaning that he entered into a contract without both the intent and the ability to perform to it.I'm not sure how a realtor got involved, but you can expect that he'll be looking for a commission.  

Really bummed out!

As stated, there HAS to be a discount to induce a buyer to put up with the uncertainty of this process.