This also may be a good way to get an in working for someone with more experience since being a new wholesaler who doesn't even know where to start makes it very hard to start.Also, don't start telling people you are a wholesaler before you have marketing going out, a small buyer's list, and at least one property locked up because everyone wants to be a wholesaler, but it's not actionable until you are in the game.

Even if not immediately then your son would owe it when he sells, so no advantage to this strategy. 

Will this be a good deal ?

The lot is almost perfectly flat which makes this significantly easier. 

I'm picking up on this thread as currently trying to narrow down my property manager search in Houston.

In this case the current financials on the property aren't great(rents well below market value and the owners family living in several of the suites) so the lenders will likely not provide the funding based on poor NOI.  

Likewise if there is anything I can do on the architectural side I am happy to help.

I don't know anything about LA, but is this a property (or area) that would interest you? 

So far, no update yet.Regards,   @Dongzi Wu Thank you for all your help with this 

Scott's book on estimating rehab costs, it's a must read in this area: https://store.biggerpockets.com/products/the-book-on-estimat...In addition to that, I would check out my article on due diligence.