He got us a quick walkthough but since we figured weren't getting it and it was an awkward tour with tenants home (someone taking a shower, someone sleeping in one of the BRs, etc.) and all we didn't give it the full examination it warranted if we were truly figuring the price we want to pay.Now we have an accepted offer at our full initial, non-negotiated (yet) best-guess price.

A bad turnkey provider may try to sell you something that has a lot of quirks and/or reasons that it may not live up to what is advertised.I've always bought out-of-state turnkeys myself, and especially the first one will be nerve-wracking but once you get a feel for the process and what you need to check up on and verify about a property, and you get referrals for the good turnkey providers, things get a lot easier then (and less nerve-wracking).

But conventional loans will absolutely examine taxable income and if you sold your business it will be a significant road block.  

for sure, let me know if there is anything else you were wondering about. it is exciting and nerve racking to jump into any new venture but especially a business as old as this (house has been around for... ever) and there are lot of nuances and facets due to that age.

Thank you @Rick H.I plan to take title to the land, develop it, then sell.Speaking with one of the examiners at the Title Co. they said that the land must be in the name of the heirs before they will pass good title.  

Knocking on the door of a house bought out from under the original owner is one of the most nerve wracking things I've ever done.3. 

As you said, it's basically your life's savings so you should really consider how much you trust your friend and carefully examine his track record.  

I think I will definitely take your advice and lean on the more seasoned investors I know to re examine the numbers and make sure I'm not missing anything.

Only downfall is being a land lord next to you tenants they can get on your nerves if you know what I mean.

None has to take thousands of dollars.Wholesaling is simply being a straw man, nothing more, but it's not simple, in fact you can have more issues there than selling to mom and pop that will live in a home.My point is learn RE basics, not strategies, won't take you two weeks to understand how all the strategies fit into the basics of RE, how RE is transferred, title requirements, types of deeds, rights conveyed, how to value a property and examine the market.Learn RE financing rules, you need to know them to sell otherwise you're always looking for cash buyers.We say, don't be a one trick pony, wholesaling is one trick.