You need a management plan in a market to make it viable.

With the right resources and help, you can still make it happen.There are options that can help make buying a home possible today — even if your savings are limited or your credit isn’t perfect.

I have ideas of what I want to put in it, but want it to look legit and not something thrown together if that makes sense.Thank you in advance!

So they would first payoff the first mortgage, if there is a second then $ goes to the second and if anything above that goes to any other lienholders or the homeowner.There are a lot of people who invest in 2nd mortgages because they are cheaper than a first, but in Ohio (not sure all counties) you have to pay off the first at foreclosure so if you do not have the money to pay off the first you are out of luck. 

I’ve been exploring buy and hold opportunities in my area, and I recently came across a situation I’d like some advice on.I’ve come across a property in my area that I’m very interested in, but I want to make sure I approach the situation the right way.

The general rule of thumb when using debt is to ensure that whatever asset you buy with the debt should make more than the debt service.  

Quote from @Jeff Sanders: Personally coming from an agent/investor in CA, I always get a quote from a broker of mine and make sure I am knowledgeable with the fees/costs.

Just remember that wholesaling is much tougher than all the gurus make it seem to be, but not impossible at all if you create the right systems and understand, when you are new, that you are solving problems, not throwing cash.

If you like the home, area etc, you could refi and pull out the same amount of money.

What makes something a "deal" today is not yester-markets.