For example, Mike has a house he wants to sell and he has a $150,000 loan on it.

As others have said, these are typical land bank purchases where you buy a house and land and are required to do the renovation and it's always $100-$200k if they are offered from $1 - $5,000.

The size of the house is pretty typical of a lot of county guidelines. 200 extra SQFT is not that big a deal IMHO.The property is a zoned SFR1 or whatever the New York state zoning codes are.

Most older non-rehabbed homes in five points, for example, are worth less than the land they sit on. 

Examples:44109 (median home price went from roughly 50k to 125k in 8 years)https://www.zillow.com/home-values/77009/cleveland-oh-44109/ 44102 (median home price went from roughly 30k to 120k in 8 years)https://www.zillow.com/home-values/77002/cleveland-oh-44102/ 44106 (median home price went from roughly 100k to 200k in 8 years)https://www.zillow.com/home-values/77006/cleveland-oh-44106/ It has the highest rents on average in all of Ohio for major cities and the median home value is not even in the top 3.

Here's how it typically works:Purchase a Property: First, you'll need to buy a property with a basement that can be converted into a livable space.

Loan costs would be higher than your typical loan but if done correctly those dollars would yield a much higher return than the cost of the loan. 

Being a wholeslaer is having a business.You are in the business of finding and buying land/contracts for a short duration and then immediately selling them.One typical expense for a wholesaler is all the advertising costs to find motivated sellers.

Yes, it is typically normal unless there is an agreement with the accountant where you will pay him to go through all your receipts, sum up the amounts and categorize them.It is confusing from your post because it seems like originally you mentioned not having your income and expenses properly categorized but in the end you mentioned providing it to him.

Additionally, rental payments from CMHA are typically guaranteed, providing a reliable and steady income stream for landlords.However, it's important to consider the potential downsides as well.