I've also visited a site and deterred from offering because I won't do tear downs. 

You can't go off of the cost estimate on permits and even beyond that, design, site work and a number of other factors will play a significant role in costs.

Use the "search the site" feature of BP and you will find a wealth of good info on the topic of "smoke odor".We remove carpet and pad. 

OOS just complicates things for most people. 

If he doesn’t file for bankruptcy and holds on for a little while longer while getting the 1st short sale and then is forced into bankruptcy anyway, it is conceivable the trustee will seek a "claw back" on preferential payments complicating both his and his previous lender's life.

I would just really stress the complications associated with transferring title post-close with a conventional mortgage.

They charge exorbitant fees above the rate you get as the owner and they list on third party sites at rates way above what they pay you.

You don't need a license to wholesale, and it can make it more complicated if you do have a license. 

There are a lot of great licensed and experienced pros on this site that are happy to answer basic questions, but don't turn to an estate planning attorney on here and ask them to prepare your will for free in the DMs.

It sucks to live in a job site, but you can go slow and conserve cash as opposed to renovating the entire place on a deadline to get it rent ready.