Assuming the remaining 2 members had sufficient income and credit, could a mortgage be obtained for $500,000 to finance the buyout?

Also, if we want to better cover our risk, we can obtain a sufficient security deposit up front.As property owners/landlords we are ultimately responsible, so the utility companies send us a copy of these bills.

I know i can get just as much rent from a $100k house but i want you get places in the $150k range to hopefully attract better tenants.  

What's this "cheap" price range?

Realistic range tends to be 6-8%, depending on neighborhood and whether you're charging market rent.  

Effective Date: 03-19-1993 5313.03 Biannual statements furnished to vendee.Every vendor under a land installment contract shall, at least once a year, or on demand of the vendee, but no more than twice a year, furnish a statement to the vendee showing the following: (A) The amount credited to principal and interest; (B) The balance due.A land contract passbook issued by the vendor or a financial institution shall be sufficient compliance with this section.

Since I have no saving or a sufficient credit history I figured wholesaling would be my preferred option.

How much equity in a home do most go after, whats the range?

That being said, my CPA said something to me today that rang true.  

I've picked up three homes in okay condition all for under 3500 so shoot for that range.