But still, there are transactions at 5 caps.

Be mindful of a gift tax implications if you sell a house for less than FMV.Also be mindful of transactions between related parties when selling at a loss.

Get in contact with a 1031 exchange company during the transaction and roll it into another property perhaps.

Because the chances of successfully concluding a wholesale transaction when you lack experience, knowledge and capital are so infinitesimally small that you’d be better off playing the lottery.  

If you can sit on the sidelines and be choosy this requirement is fine, but you are going to have to kiss a lot of frogs before you find someone with that much cash on a wrap sale transaction...it may take 6+ months unless you advertise like a mad man3.

Sure, if you have an actual guest -- like your mother -- visiting and she breaks her leg and tries to sue you, then a regular homeowner's policy would cover that, but not if that guest were part of a rental transaction.

They financed 100% of that transaction, and I took on a huge loan - a huge risk for a broke guy like me.

I think you will definitely want to talk to your lawyer because there may be items linked to this transaction you are not considering. 

It is a transaction between a buyer and a seller. 

My chief complaint is the lack of communication and an actual project management plan... thats good news I know some lenders get pretty concerned when construction is so slow.. but sounds like a great deal and I know RTR will be there every step for you guys.. did not realize they were the conduit for this transaction.