@Faraz Tariq hit the nail on the head.

Based on the info provided, this is good advice and an option to turn this into at minimum, a break even with the benefit of real world education under your belt.Another option would be to amend the scope of work or nail down some pricing to get that $70k down to $60k or less, that way you have a flip that could break even and not lose. 

That's a 12000 sf basement. (451 / 4  = 112 - 112 x 112 = 12544)You hit the nail on the head, this is a labor intensive job.

Really nail down what you're offering them, so that when you meet them you'll be able to qualify them well and get off on the right foot.

I don't know what markets you invest in but @Ned Carey hit the nail on the head in terms of places where wholesalers market their properties.

He hit the nail right on the head.

However, if you received a banruptcy discharge, and the loan was not reaffirmed in teh bankruptcy case, ASC will only exercis it's right against the property and is not attempting to act to collected the discharged debt from you"Steve nailed this one.

She polished the boots of the Nazi Gestapo to have money for food for the children in the school she taught in.

I used roofing nails that have held very well.

We've had a couple of crashes in the past 15 years, the last one even nailed bond funds and showed the Achilles heel of money-market funds.