Wow, now I'm concerned about investing in TX.

Good day, I recently signed up to take the Than Merrill class to be a Wholesale Investor, any tips on how to be successful at this and what steps to take initially as a beginner?

The issue that I'm concerned about is the finding a bank to refinance my cash out.

It will need some renovation and there are concerns about plumbing and electrical that needs some due diligence.   

Since you are new You might want to check out the ultimate free beginners guide

Here are some recommendations for you:Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/Wishing you the best!

I would say the biggest concern with a condo association is to make sure that the association is in good financial standing. 

I will avoid 3 bedroom on top of the vacancy concern.

My concern is that the business having such a low % of tenants that complete the process that it seems as though a good part of the reason that RTO / Lease option is so popular is that the failure rate is what is driving profits. 

You mention UDFI not being a major concern but what about UDIT if I decided to finance?