If done properly, wholesaling is legal in all 50 states.The improtant thing is to make sure you have equitable interest in the property (which from what I understand can include having a contract to purchase in place).

Hiring a certified mold restoration company (can be $$) sometimes is needed as some buyers want the assurance that the mold was remediated properly.

The other concern I developing with South Bend proper right now is that the city has taken a pretty aggressive stance towards landlords.

Balance on the property is $121,000.

Most of the tax mistakes come from investors not having proper tax planning, bookkeeping, etc. 

On Commercial notes from community banks and credit unions you may notice that the loans will balloon at the end of the term period and often times the term is shorter than the period they amortize for your monthly payment so at the end of the term you're left with a sizeable balance to payoff or refinance again.

While disqualified parties can invest together if done properly, the real risk you run is having the IRS rule the transaction as self-dealing. 

@Cheree Hill I think it will have to be a JE because it is going to be hitting both the income statement (the fees) and the balance sheet (the asset and any liabilities that may be added).

It would help to know the balance and term remaining that you owe on each. 

Meaning, not your balance, but your available cash for the purchase.