I initially looked into Baltimore, but after some research, I noticed the population has been steadily declining, so I’m not feeling as confident about that market. 

I’d fix it up and list it to sell after I’d been there two years to take the gain tax free.

.: Hello,I'm new to tax/mortgage surplus funds retrievals, and have been in contact with a homeowner who is willing to work with me.

Some thoughts to consider:If you sell now, you are unlikely to pay capital gains taxes as your first 250k (500k if married and filling jointly) aren't reported.Doing your first rental remotely is undesirable without 1.)

Plus, with it being just myself running my own business, and after reading up on how many cash buyers other wholesalers have put in their network to buy properties, that are also sole proprietors, I'm going to assume that having a huge cash buyer list is not really efficient at this point in the game.

If you are new, be sure you can raise the funds before proceeding.In my opinion, you are going to have a hard time raising money with a 6% pref and 70% of the profits after that unless you have a lot of newbie investors in your Rolodex. 

Your loan will be $1,100 a month, add insurance and property tax.

Include balloon payment after 5 years.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

I just signed a bunch of disclosures from my lender and after reading them it has me thinking, "Is there a cheaper way to do this."