A long term rental in the area would rent for about $1,800 a month, so as a backup that wouldn't be a great option.

For my own piece of mind I am thinking of this as a back up plan if it takes longer than 30 days to sell.  

Prime + 1.5% is pricey, but a good backup option. 

You could also try to contact the seller directly and even make them a back-up offer if their contract with the wholesaler is ending and then buy it directly from the seller. 

Have a back up lender as well.

When you are screening tenants, never take what they say at face value; make sure they can back up their words with documentation.

You can incentivize paying their rent ahead (by semester/term) via lump sums when they get their student loan reimbursements and also have their parents co-sign their lease for a backup plan if you don’t feel comfortable enough with them solely on the lease.

I'm looking through the spreadsheet and I think it's worth mentioning that it's possible to spend a lot less for certain material items as well as labor in many cases depending on how frugal you want to beinterior door with hardware: $5-10 used, $30-50 newwindow: $10-50 used, $100-200 newlight fixtures: $1-10 used, 6 pack flushmount at lowes for $44fan fixture: $24-60 new water heater: $250 newtoilet: $50-90 newsink: $40-200 new faucet: $10-30 newtile: 0.49-2/sqft newappliance: $20-200 each appliance usedmy last rehab was:60 elec permit cost + 300 elec repair (tenant destroyed meter box causing house to be condemned)1600 material + 1500 labor flooring for 1400 sqft500 material + 600 labor spray paint whole house semigloss and patch some large holes$30 for 4 interior doors which I put in$10 mirror for bathroom$100 paint porch, stairs, and stair rail brown$50 fridge, $10 burner plates for stoveI also spent at least a few hundred with help on cleaning and taking out the trash and some other expenses here and there which altogether added up to about 5 thousand.I spent maybe 30 hours over there in total on the weekends.

Interestingly before buying this property I did do jetting the sewer line per inspection recommendation as the inspector could not scope the line due to back up!

Quote from @Nader Shariff: Quote from @Travis Biziorek: Well, definitely some funny business happened with this one (as we suspected).It's back up for auction today: https://buildingdetroit.org/properties/5010-lafontaine I just saw that lol.