I wanted to do wholeselling before jumping into flipping so I can get the field experience but now that you say that I will take that into consideration if I find myself in that situation. 

Also, is there any thing I should know about purchasing in a different state besides taking into consideration property management.Id appreciate some advice on this deal (my first one).

He bought at the HEIGHT of the market, circa June 2006, so he bought for 275k, home dropped way below, now he owes $243k. 

@Tom Kuhenthe property is in Garfield Heights Area,@Aaron R.

Any other considerations to keep in mind while doing wholesaling on active license.

So that's another consideration in this market.

So, just funding the account gets you a nice $1000 back in state tax credits, which sweetens the investment considerably.  

Considering the considerable job lossess over the last two years here, does that point to the market being in a bubble here? 

One more thing to keep in mind, typically wholesale/assignment deals are closed in 15 days on average which is another reason why financing is not even a consideration.  

I would set the purchase price at 95K, take the Non-Refundable Option Deposit( or Consideration) (NROD or NROC) of $5K and Lease at the amount they said they can afford $700 (always go with the most they say they can afford).