Of course as with most things in life, people looking for the benefit they need rather than following the spirit and intent of the regulations and loan programs, simply interpret it however they need to for them to feel okay about it.  

Even if it doesn't seem like they would be interested in a contract that takes time, don't hold that back because of your own interpretation of where their lives are.

This is different than 30% of all profits earned.But, perhaps he wasn't clear and your interpretation is correct...that would be more reasonable...

As stated before, it's my interpretation that I cannot force a client to go anywhere but I can certainly have him be at the top of my suggested list, again to protect my liability should something go wrong on his end.

I'm also concerned that the building code will interpret the roof deck as a 4th floor and will include that space in the travel distance calculation for fire exit.

A land contract or even a lease purchase might be interpreted by the IRS to be an actual sale if the terms are such that risk of any loss to the property has passed from the seller to you. 

Not enough data, not the right kind of data or don't know how to interpret the data.

Unless my attorney is off-the-mark and unless my interpretation of relatively simple contract language is skewed, I think there is some misinformation in this thread. 1.

The second is the treatment of expenses while it wasn't occupied at all; you state that it was "ready to rent" but then made some repairs and maintenance - those repairs and maintenance would definitely be expenses when occupied by a tenant, but might have to be added to the basis (if the IRS doesn't agree with your interpretation of "ready to rent").

I believe that you'll find that selling contracts is still interpreted as marketing a property that you do not own - which will require a real estate license.Also, if you put a property under contract without both the intent and ability to close on it, you could face a lawsuit for "fraud in the inducement", because you convinced a seller to sign a contract that you had no intention to see through to the completion promised.The LEGAL way to wholesale is to close on the property first, then market and sell it.