Some agents buy into the idea quickly and I've also been able to create some relationships with photographers to add narrations as an optional add-on to their service, which is also great. 

It's just not going to happen (especially with TWO wholesalers involved, presumably with both wanting to add on a fee).Second, most bank's aren't going to let you assign the purchase contract and close in someone else's name than the contract was originally written in. 

I would add one step in between before evicting.  

If I can add one piece of advise whenever seeking one of these loans make 100% certain that your lender is experienced and well versed in these programs.   

My original plan was to buy a house and build an add on suite to rent out, but that seems to be a huge challenge now. 

The add-on room has fireplace so I was thinking to convert that to a 500 sf studio.

I'd call around for other quotes and make sure you ask what, if any, add-on fees they charge.  

Most likely you'll need a fire wall between the units, kinda hard to do in the footprint of an existing SFD, if you have room to add on in back for example, or with a breezeway to attach the other unit, might as well build a separate building.

I am helping my aunt who is trying to start renting basement add-on on airbnb.

So in my example above I wouldn't pay more than 168k all in to add one.