It all needs to be paid with the rents in order to keep the property going and out of foreclosure tell him that you are raising his rent by a hundred bucks in two stages over two years .

For now, I'm focusing on wholesale to help save up money to fund my first flip.From the research I have done I've pretty much come to the conclusion that I need to start my business or form a LLC (of course for a name, website, flyers, etc.) and to start putting in crazy amounts of leg work like driving for dollars and getting some leads together and started up in order to put together a profile to find potential cash buyers..Is there any advice you could give me that would help out with the beginning stages of starting up my wholesale business?

I’ve read the books, listened to the podcasts, watched the webinars, but we are now in a financial position and a stage of life to (in the words of Nike) “Just do it.”

I'm having difficulty finding insurance for this arrangement. 

Again, the solution is cash buyers, or some kind of creative financing arrangement that brings then current. 

However if you want to add an extra lawyer of experience in the process you might just get a commercial mortgage broker to help arrange everything for you.

I will want to live in it, and assume my partner would as well, though open to other arrangements.

You just can't close on it.)Without getting past the hand grenade stage I think it's probably safe to say that you've got a gain of at least $260K which would be some depreciation and some profit. 

It is zoned for this type of arrangement.  

You probably won't get year leases (which you don't want anyway), but make sure they understand that it is a month to month arrangement that can be extended for as long as they follow the rules.