Those who have been in the game, played their cards right, & weathered the storm are going to put their collective feet on the gas and do everything they can to get filthy.

However, It's worth noting that mere joint ownership of real estate and rent collections does not necessarily rise to the level of joint business activity that constitutes a partnership.

You're at the 2% rule which is good......my concern is if it's a $20,000 property it is definitely in an "F" area so you may have some challenges regarding keeping good tenants, collecting rent....etc. 

Even if you have to make up the difference after you collect the second units rent, it still can be a good deal.

In my case it was not a big job, just an extension, fixing a wall and electricity.

@Joshua Lee WegnerThere are 2 ways that people do wholesaling.1st method - They assign the contract to the ultimate owner.You are simply collecting a fee from the buyer in exchange for the contract.You will never own the property using this method and as a result shouldn't have to pay any closing costs.2nd method - double closing which is you will purchase the property from the owner/seller and then you will sell the property to the ultimate buyer.You will pay for closing costs(title work, transfer fees/taxes, etc)You will likely net less income using the second method which is why a lot of wholesalers prefer the 1st method.

They left no address.)Should I send it to collections? 

Thanks for all your inputDefinitely not looking to buy anything that needs extensive renos, but not afraid of a bit of paint or wallpaper

Here the only way to collect any fees in court is really charging them as rent. 

It suggests that our collective expectations have evolved - advanced by "next day", "no fees", etc.