I just bought another one this morning on DIG with a strike of 65 (currently 62).

Strike up a conversation if you have the time.  

We have met the seller on multiple occasions, and she doesn't strike me as someone trying to pull something; she just seems young really irresponsible. 

The seller may be getting motivated enough to strike a good deal.

One buyer/borrower is working with her prior realtor, who I don't know, and she had been striking out on offer after offer using a weak letter from her realtor's  "preferred" lenderrrrrr that was written for $470,000, a round number on the preapproval letter?....

 That makes sense, so an issue to be concerned with would be the owner deciding they no longer wanted to sell the property after we had put time and materials into the renovation.I'm expecting the consensus to be that this is a really bad idea, and I'm kind of a three strikes and you're out sort of guy, so appreciate all three of your responses and the quick feedback.

Make the lease payment equal to the mortgage and the strike price = to the principal balance at time of executing the option.

This is what strikes me as odd..If all 398 units 100% occupied can do $2.4 Million and expenses are $1.4...this appears you can't buy it even at $8M...your debt service for $8m will eat up much of the $1.4.. which can't be attained, since complexes normally aren't 100% occupied..If you are at 90% like the rest of the market, then adjusted 10% less is closer to $1.2..for best case scenario...Will some of the expenses go up as you get more tenants.

The purpose of wholesaling is to find a property below market value, and re-sell it below market value...hence, striking a deal for you and your buyer.

I am looking at a range of 500k-2m  and striking out pretty bad