You credit hiccups aren't as important as the performance of the building itself, but you can bet your behind that your debt service costs are going to triple. 2% is a sweetheart deal that you aren't going to find in the market right now. 

A lot of variables involved with you, your market in your area, do you have another job other than just real estate etc etc etc.

I'd prefer to avoid putting the property under contract myself and doing an assignment, since there's already a Wholesaler involved.

Scottsdale, Tempe and Central Phoenix are probably your best bets.

On a side note, I don't know your exit plan for the property, but if the building is up to 92% rentals I would get involved with the board and find out the plan for the building.

I'm always curious as to how other's structure deals.I was just involved in a deal where we negotiated a $2.65M house down to $2.15 and it was listed on market.

Your best bet is figuring out which state produces the most out of state buyers for SU. 

Being that I plan to use a property manager, how do I keep myself involved in the process adequately without stepping on toes?

Considerations: From contract law perspective, House 1 has a severe misunderstanding or deceit involved (“Rent Ready” is not the fact at all), the purchase agreement shouldn’t be valid from the beginning; House 2 wasn’t properly executed, we should have the right to cancel the whole agreement.

You’ll need an inspection and you should dial in your scrope of work, I bet it’s a lot more than 5k if it’s been neglected for a while.