I'm trying to withhold judgement here but this has me livid.

If you do not fix it or make serious effort to try to fix it in 14 days then tenant can withhold rent to make repairs.  

:cry: Bear in mind, they're being sued in NY for withholding the fact they were doing business w/Bernie Madoff; they carefullywithheld that from their investors.

Your profile mentions that you are a real estate agent - You want to have a conversation to see if you potentially are eligible to claim real estate professional status which would allow you to treat your rental losses as active instead of passive.Also have a conversation if you are required to make estimated tax payments since there is no withholding on your commissions.Lastly, your profile mentions you are in Florida which does not have a state income tax which opens you up to more options for choosing an accountant.

Consider renovation costs and potential for adding value through improvements.Resources and Tools:Local Real Estate Networks: Connect with local real estate agents, property managers, and investors for insights into specific neighborhoods and market conditions.Online Tools: Use real estate websites and platforms to analyze property prices, rental yields, and neighborhood demographics.Tips for Canadian Investors:Tax Implications: Understand tax implications for Canadian investors owning U.S. property, including withholding taxes on rental income and capital gains.Legal and Financial Advice: Consult with a cross-border tax specialist and real estate attorney to navigate legal and financial aspects of investing in the U.S.If you would like to discuss further/need financing please feel free to reach out.

Also if he is just taking PITI into the equation, he is missing/withholding info about utility costs, stocking/supply costs, cleaning costs, etc. 

You need to make Estimated Payments to IRS if your W2 withholding is not enough to cover the amount discussed below. 

As soon as they start making threats or withholding rent- take the steps to fix the problems, if they exist, and put them out. 

If your tax payments (quarterly estimates or withholding) equal or exceed 90% of your tax liability for the current year. 2.

I'm with Will, buying at 85% is almost certainly a loser with holding and sale costs...Hard to blame the wholesaler, though.