Initially, our plan was to fix the drywall leaks, clean out the property, and relist it for a small profit.

The biggest factor will be how long you plan to own the property or when you think you may refinance.

It would be good to talk to a lender to make a game plan and review your financials. 

But I know that the leaders are working on plans to fix it and they are very skilled and effective.

I recommend finding an accountant who specializes in planning.

@Anita Z.I recommend finding an accountant who specializes in real estate taxation, tax planning and financial planning.

Quote from @Adam Macias: Wholesaling as it is today will be a thing of the past.It’ll truly be strange to even hear people and gurus trying to make big money off it.The more people try wholesaling but then end up not having an end buyer or cancelling contracts or trying weird things like novations, the more all of real estate will be regulated and cause requirements like licensing to be able to transact more than just your personal resident purchase.Which I don't know why hasn't happened sooner.Here's all the states (in red or yellow) requiring a license to wholesale or at least have started the process:Credit: REITipsterI think licensing and regulation is a beautiful thing that should happen if you plan to be an wholesaler and do more than one deal... which is going to be the case for anyone taking this business seriously.Or even it being regulated to need a real estate agent to do more than one deal outside of buying a personal residence.I've had plenty of failed attempts with agents in pursuit of wholesale deals and I know exactly why, it's not because the agent couldn't find me deals, it's just not practical to think there's opportunity for the numbers a wholesaler needs to make a profit on top of everyone else needing to these days.Because the only sellers who truly can sell at a deep enough discount are usually those who ran out of time and just didn't do something sooner with their situation.I know many coaches and gurus will disagree with me but there’s no regulations on youtube gurus and what they teach either.If we look at the current state of the market in hot cities, the availability of online resources to the average homeowner, how many deals can you possibly believe are available at 70% of ARV?

I don't plan to hire an outside group. 

If your starting with one 6 plex and plan to keep long term.

You need a management plan in a market to make it viable.