Once you read the explanation below, you will understand how REALLY bad things can be if you don't get the letters but go through with the purchase.First, the owner/seller should have a clause in the lease requiring tenants to sign (or object to in writing) tenant estoppel letters if presented to them.

do you know how you will fund the acquisition? 

Think about how many people come on and post about how they have $300K+ and no plan!

@Erica ArceCould you have a written agreement directly with the wholesaler that outlines your fee for bringing a buyer to their deal?

Is this the best strategy?

It was an up front payment to receive the modeled layout of the home, and they had an individual go to the house to do the mock ups.

Not only that he gets stepped up basis and sell with no tax  double check that with accountant but I think that is correct.. then take the cash put it in 5% gov bonds for now then get up to speed and see what you really want to do. 

Hi Sasa, welcome to the BP community! 

If anyone has a DD checklist for such properties (and/or anecdotal thoughts on the same), can you please share?

If it's rented I would ask if the tenants are current.