If you are an inexperienced investor (which you seem to be), you need a very detailed analysis of what repairs are needed for the place.

Since this is my first deal i am inexperienced with the financing side of investing and don't want this to keep delaying me from starting my journey as an investor.

I don't care if someone did a pod cast about it... if they go bad and they do you simply have not generated enough revenue to protect yourself... better to list and sell and make your commission and lender might have to take a little short.. or move on you can't solve everyones problems. and some people are beyond salvage.. only the desperate work on these deals like this.. is my thought process or inexperienced.. 

@Joe Del GrecoIn my inexperienced opinion :) I think having a formal agreement written up, even if not with the help of an attorney would help things from getting sticky between you.

But, it's a major hurdle for inexperienced investors to overcome in order to join the Association.

I usually reserve this type of advice for newbies, but I would definitely not consider you inexperienced. 

However, I'm getting that analysis paralysis of an inexperienced investor, and a case of the "what ifs."

I was 28 and inexperienced. 

But based on past experience I’ll bet either (1) they have a vested financial interest in encouraging people to get into “wholesaling”, and or (2) they’re totally inexperienced and have limited foundation to support their claims.  

College kids and someone going month to month because they want to buy a house aren't the same thing though...A college kid is probably going to either be inexperienced or have a cosigner who probably is also inexperienced.