It needed a rehab, and I just couldn't afford it. 

Typically with houses of this age - you'll need structural folks to dig and install piers into the soil.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

After that all you need is the right team.  

In this case it might be more of a 20/65/15 to get what you need out of selling the 1st. 

My question is: when wholesaling, after finding a great deal, do you need real proof of funds to the get the property under contact or is there a way to get it under contract, find a buyer and complete a double closing/assign the right to sell without actually having the cash for the property? 

U need to flip the return  75% to the money and 25% to you if have any hope of finding someone to do this that is not friends and family.. 10 to 15% is way to little for the risk of being a gap funder.. if the project does not work gap funder is the one who loses money..

If not, I most definitely would reach out to the tenant, introduce myself and ask if they are going to be out by the 31st or the 1st, I would communicate  to the tenant as if I know they were told they are expected to leave, otherwise you may find they "do not know" they need to leave even if they actually know they need to leave....In the case they claim they are not aware they need to leave, you would need to follow the laws in the state you purchased the property, usually you can find that info on the states judicial branch or speak with a landlord tenant attorney. 

The improvements needed to be completed within the 180 day timeline, so I did a pre-fab ADU.

@Huong LuuIn my opinion, presuming you need the money - it is better to cash-out refi the property.