So long as they're Licensed, and the Seller was informed that the Wholesaler intended to double-dip, there's no problem, right?

Performing notes are great for cash flow where you can diversify and earn high single to low double digit returns.Non performing notes are another animal.

Then look at other active advertised rentals and find comparables based on area, sq footage, bedrooms, and finishes and see what the going rate is for similar properties.

@Daniel DietzPerhaps you can have Frank put the 300k down and take out a 300k loan to purchase the property and then shortly thereafter cashout refinance it  at 75%ltv (450k).This would allow you to return 150k to Frank.By structuring the transaction this way, Frank will have access to the cash he wants while enabling him to defer taxes on the whole 300k.I believe this would be a permitted transaction but I'm not an expert on 1031 so you should definitely double check with @Dave Foster.

My main concern was that since this was a 4 bedroom house, more than likely a family was going to be purchasing it.

Oh and start to finish little less than a year and cash out of pocket was cost of lot 160k  so little more than double money ..  

Due to that it would also need new windows/doors.The layout will stay more or less the same however one bedroom will be divided into two and a two new bathrooms will be added adjacent to existing plumbing.  

The fair market rent for the area is around 850 for a two bedroom and the location is really good because of a military base less than a mile away. 

Here's a brief intro:Live in St louis, MO.23 years old, double amputee since birth.I was an agent for a year.

For wholesaling you'll most likely need an escrow company that will do a double close or a simultaneous close.