With wholesaling, you need to get a cut for yourself and for your eventual buyer, who also needs to buy at a discount in order to make money on the rehab.  

Looks like the electricial wiring is original two cloth-insulated wires, although the kitchen and bathroom have three-prong GFI outlets.

The color is neutral and looks nice and goes with everything and now I don't have to even think about paint color.For kitchen and bathroom, I use ceramic tile and it's the same tile that goes in each house.

1) Scrape popcorn: $25002) Add a tankless hot water heater: $2500 (opens closet in house and resolves code issues with existing tank)3) Pergo XP flooring through all house besides bathrooms

It is a 4 bedroom house in a plot of 104X110 in Bergen County, NJWe want to extend the house into a 5 bedroom / 4.5 bathroom house.

Most title companies can give an "investor/bulk" discount if you ask for it.Elanor Ortega at Title Security is very good (you can pm me for phone number). 

I would compare with other rentals in the area, if what you have know will give you top dollar than I would leave the kitchen alone, but if not, than I would compete with the others rentals by investing money into the kitchen and bathrooms. 

Even though the price may be below his ask point out that the the total value of the payments he will receive will be much higher then his ask priceNote:  If you do make an offer for owner financing make sure to include a right of first refusal on the note so that if he decides to sell the note at a discount you can buy back your own own at a reduced price.

Rarely will you see these financial reits trading at a premium, but from my research on average the financial reits have Traded at a 2% discount of its book value and I like how liquid these Financial reits are vs the brick and mortar reits.

The downside of this second option is it might be hard to finance discounted properties with a regular mortgage.