My question is this: The home we are looking has be rented to some family since my grand parents passed on around 10 years ago, the relation that has rented it have destroyed it, and it needs ALOT of renovation before we can move in.

@Clayton Cissell The first time I rented to a friend they trashed the house, grounds, and destroyed much of the furniture in the furnished house.

To summarize some of the challenges: three carpentry crews had to be fired at various times, the city stopped the project once, a dumpster delivery/removal damaged our house and our neighbor's house as well as destroyed the driveway, we almost had a ridiculous roof leak after the board and plaster was installed, the project went over budget both in terms of dollars and timing (although we probably made the mistake of under-budgeting the rehab to begin with), and we learned that even recommended trades from other investors can still not work out, such as an architect who does all his drawings by hand!

Here's an example of what I'm worried about: I study my market and learn it inside and outI am very educated in my niche I have put together a reliable and trustworthy team I find a house for 15% below market value (for simplicity - the house is $85k, it is worth $100k), which gives me a significant advantage in that I can have a higher cash flow and be protected against small market fluctuations I put 20% down I start renting out the property with an excellent property manager managing it for me I'm making $500/month in pure cash flow after all fees, mortgage, taxes, etc.Two years later, the market starts to take a turn for the worst, and the house drops rapidly in value by 35%I try to sell the house before it drops too far, but no one wants to buy properties when they know prices will continue to drop Rent no longer covers the mortgage and fees due to the incredibly cheap housing market, therefore the house is foreclosed and my credit and reputation with many partners is destroyed This.

I hope it doesn't destroy my wholesaling career before I can get it off the ground!

It's very easy to let the wrong person in your house who will subsequently destroy your house and you will be left to pick up the pieces. 

Otherwise, a string of bad luck will destroy you. 

Now State Citizens have to deal with the realities of massive property taxes they have to pay because of their voting socialists to office for decades, who have levied the very taxes they are now trying to escape.And do all of us Red State Citizens a big favor, don't come here & duplicate your progressive, commie voting records and destroy our state like you destroyed your state.

Given the cost of my debt, if I had to evict two tenants within a year, this would destroy my cash flow.  

As we all know it is unfortunate that hurricane Harvey just came in and destroyed thousands of homes.