Instead of losing 55k they will probably only end up losing $25,000 - $30,000 What made you interested in investing in this type of deal?

Have you ever heard of a Landlord being sued by a Tenant and losing property?

You deserve to lose your money.  

Instead of losing 55k they will probably only end up losing $25,000 - $30,000Long term its not a great cash flow property but with some renovations and addition of a parking slab I think long term appreciation is the big goal here.

They’ll hold your hand through the deal process, which is crucial when you’re starting out.

Maybe one the contributors on BP will see your message and start something like that.  

Mailing/emailing a notice to "start the clock" doesn't cost much and should be done to NOT lose time if tenant doesn't pay.

While they do lose a small monthly management fee during a vacancy, they instead collect high profits from turnover charges and leasing fees for each new tenant.

The other watchout is if you lose your job you are required to pay the money back quickly, like 30-90 days with most 401K's or the loan gets converted to a withdrawal that comes with tax implications and penalties. 

When starting out in wholesaling real estate, it's important to use agreements that protect all parties involved while ensuring a smooth transaction process.