wholesaler is really the owner and has no debt on the property sounds like and you have the 120k in cash to execute the rehab.Just have to do simple napkin math.ARV 800k  you said it was around 810 so let use that.selling commish  @ 5%  40k  but maybe you have an in with an agent and it can be less or it might be 6% so lets go with the 40k615k  and if they are throwing it in with ZERO cost of capital  ( which would be great for you)then you have no interest carry.And if there is no closing IE your not buying it up front there is no escrow costs or title insurance although if I was U I would order a title report on it and make sure he owns it and there is no debt or other liens or encumbrances that would foul up a say.Tax's utls  during the process depending on what state its in Tax's could be as high as 15 to 20k for the year. and utls say 200 a month..

Creditors of the filing entity or debtor will file claims representing obligations owed to them by the debtor.

I want to make sure who ever receives this has enough capital to pay cash to fix it up. .I don't want anyone going into debt or putting debt on the property. 

Should I sell to payoff the debt or keep it and keep paying on my student loans?

Any reduction in debt or cash received may be considered taxable boot, resulting in potential tax liabilities.Qualified Use Requirement: Both the relinquished and replacement properties must meet the requirement of being held for investment or used in a trade or business.

Overleveraging: Have you ever taken on too much debt or overleveraged yourself, leading to financial strain or challenges with cash flow?

Typically HELOC's should be used as short term debt or bridge debt.

You will likely get a default judgment.Next step, is to try to pursue a settlement with the debtor.

Any relative or debtor can challenge if this is not in place.

You would need to acquire the same amount of debt or add cash.