Then the lender would say that house is worth X% of the loan.

Housing in Washington. 

Miraculously, I didn’t lose my shirt, but I broke even on one house and, due to other circumstances, had to walk away from another.

The interest rate isn't that huge of a difference between the 15 and 30 so worst case scenario if you have the 30 year option is you start paying it down on a 15 year timeline - sure you'll pay a little more in interest over the 15 years, but it will have been worth it if you bought another house.

The current price of the house is indeed valued at the 103k, but I have to admit I was shocked to see the price the wholesaler got as well. 

Purchase price: $75,000 Cash invested: $10,000 Sale price: $120,000 This is a 2 bedroom 1 bathroom single family detached house is South Georgia.

Being able to look one of these sellers in the eye and tell them that you can, as a licensed agent, either list their property or attempt to assign the contract, assuming wholesaling is legal in your state, is a huge credibility booster.2) Get an entry-level job, hustle, save as much as possible and plan to house-hack when you turn 18-21.

Toxic paint et al.Would you want your family living in house remodeled with cheap Chinese s**t?

On the 15th year, the investor and I will discuss together whether we want to sell the house OR continue receiving cash flow.

Pros: the cabin will be able to house our entire family, easy process to refinance.