If #1 is a brick townhouse or single story style with a shingle roof in good condition (for example) then it might be a better buy than a painted wood, flat tar-roofed bldg with apartments that are over/under. or if one has separately metered everything, and the other doesn't.That sort of stuff can make a big difference that doesn't show up immediately in the math

Sort of take it or leave it.

There aren't any more, or less, surprises with an FHA loan than any sort of conventional one.

Is there any sort of security deposit?

If a property is listed (REO or not), chances are your end buyer has already seen it so you would have to have some sort of remarkable negotiation skills to be able to get it under contract at a price that you could make your fee and the end buyer would getting a deal they would be happy with.

I really can't just do nothing at this point, it's escalated too far (and don't forget-I inherited these tenants and the problem already had been percolating for quite a while by the time I came onto the scene).I am working on a few options, and heard one may be considering moving out anyways, so I am hopeful this will sort of resolve itself soon.

E.x. if you already own the land..a joint venture will likely be available.I highly recommend the urban land institute and a book called "real estate development work book and manual" by Howard Zuckerman as a place to get started.City and Counties do play but most often with some sort of tax incentive.  

Any wholesalers out there ever used some sort of bridge loan in order to not disclose your profit?

To this end, I am searching for an experienced Investor that I can work with and "hold my hand" sort to speak.

I'm counting on some sort of financing for my first deal in the area.