I was considering doing a lease with him with the right to sublet, making some cashflow on the spread of what amount I negotiate with the seller and what amount I charge the tenant.

Normally, the wholesaler will not even take ownership of the property, but will instead collect the spread between the original price and the assignment price.

states need to do what California did... 5 year mandatory prison sentence for copper theft.And for sure to buy 1 or 2 C D properties is risky ... as you state you need mass to spread your loss's because its not if its when in these Urban core areas.. just a fact of life

There is a "spread" that the lender will make over the 30 year treasury yield that corresponds to the amount of risk in the project for them.If I am you, I am asking what the "caps" are on the adjustment every year--that is--how high can the lender adjust the rate?

I'd suggest before you try it, to get competent legal advice, and that does not come in forum posts, blogs, podcasts, or any other media other than from the mouth of your legal counsel or in writing as an opinion. 

That's a pretty large spread that you may be able to take advantage of.

I mean that your risk is spread, not less.  

It is awesome to be able to talk with people who have successfully done it all before and are happy to spread their wealth of knowledge.

Unfortunately, this social media web site dedicated to real estate cannot provide you an answer to your legal issue/question.

I currently have about 200 units spread around NW Indiana and have been actively investing there since late 2010.