When the closing date is 2-3 days away, I contact and send another letter\notice to the tenant updating them with the disposition and who the new owners are with contact information. 

Wouldn't need much updating (except it needs a new roof). 

I will also ask 3 more contractors to do the same, so you are nothing special to me, and will give this to some cash buyer, IF this is a good deal and IF I find a cash buyer willing to buy it I will give  them your info along with the 3 other contractors, but beware, most likely said cash buyer already has his own choice contractor he is already working with, and yes this is most likely with people that do regular flips, which said cash buyer probably is."

Whether you're gutting or just updating I would just go with inexpensive fixtures and materials.

@George Blower this may sound stupid but if they are the same then why would anyone invest in a regular IRA and not a SDIRA???

Hopefully you have a non-refundable pet deposit that would provide for this, so you don't have to take from the regular security deposit.

Does it need a full gut rehab or is it just cosmetic updates? 

Any update?

pros and cons to fix and flip a brick or stone house to a regular siding house?

I wouldn't let him apply for a regular job, so wholesaling is it!