We are currently undecided on whether we should flip this property and sell it for double the investment, or simply rent it out for the long term gain of $1000 per month.  

"I would say creating 1st deal in most case is the toughest deal to create""Marketing and follow up is crucial""Be willing to market for deals consistently for several months without getting a profititable deal yet""Know your potentially accurate profit numbers or cashflow numbers when analyzing a deal and double check those numbers"

First, take whatever you think the rehab costs would be and double them, because you have no idea what you're doing...just saying. 

what that means that if they have had an eviction, I may require 2 months rent as security deposit, but I know as long as I don't give the many room to be late and  I send my 5 day notice right when the rent was late, and file my unlawful detainer, I can usually have someone of the property in less that 60 days (hence double security deposit).  

why waste your time trying to punish him, just see what you get as a result of your discovery"  Seriously, "just business" I'm guessing if that happened to you, you'd be doing double screaming backflips...I know I would be.

My objective as a wholesaler is to do a double close with an end buyer and profit the end difference.It has been stated that agents can advertise HUD properties, just not on the MLS. 

Are you interested in appreciating neighborhoods that provide double digit returns?

I got very lucky and purchased my condo just before the market took off, and it has doubled in value in 2 years.

That's why I double-close.

Even if it's just a bank statement showing deposits, etc.I would accept the double deposit to hedge some risk as well.Assuming everything else in the application looks good, I'd move forward.