Apparently, one can never exclude such a chance, only minimize odds - so I understood that.

If you have the money to pay the loan back, you have the money to use and no money wasted on interest payments. 

@Adam FrancoFlips are recorded at your regular income tax rate, subject to self-employment tax.You figure out your final cost basis (purchase, rehab, insurance, property taxes, financing, permit fees, commissions, utilities, etc.) and the difference between the sales price and the final cost basis is the profit made that will be taxed as ordinary income.You should speak with a CPA to help organize things and try to minimize the tax impact.

Sounds like you no liens on the property and need minimal cash to complete. 

There are very few remaining original build houses in the area, and I feel like rehabbing it would just be a waste because eventually it will be sold, by me or someone else, to be torn down for new home construction.

The lot is pretty level, so I think it would take minimal site prep.

After 6 months you should "know" enough.One last thing - direct mailing 60 people is a HUGE waste of money.

As you say there is plenty of time to get the unit rented so we should have very minimal vacancy and will try and get him to cover the days after he leaves to the when the new tenant arrives.

why waste your time and effort on this... spend that finding a better property to wholesale.

@Caleb Heimsoth good point, I see the value in doing it on occasion or like you said if it's a property you don't want to hang onto but the people who think they will grow an empire without huge marketing budgets seem to be spinning their wheels while wasting money.I love how @Jay Hinrichs almost always tells them to get a real estate license and be a realtor.