It isn't prosecuted against often so there is low risk as the wholesaler but if an issue arises, the listing agent could report what your agent was attempting to do and they could be in trouble with the state board.This is why most wholesalers write their own contracts, do their own marketing, and work with off market leads.WORD OF ADVICE: No many investors are going to buy a property from a wholesaler that is on the open market.

My sense is there's a reason for that.I'd be a bit concerned that some type of failure could result in water damage, in addition to the risks that you mentioned. 

@Daniel M Gibson sticking to fundamentals and your "gut" is always the best course.Unlike 99% of the investors on this site, my take is that investing for cash flow is a bad idea...it creates a jaundiced view of how things work...meaning that investing is about controlling assets as wisely as possible...not immediate cash flow.I use seller carried loans routinely because I'm in for the long haul (and I don't need rental income to survive)...as long as the purchase price makes sense, I could care less about income...the concept is debt paydown and future equity.

Why take the risk if you don't have to.

Your risk/reward tolerance might differ.

You’ll be paying close to retail prices for something that’s rent ready (versus a property that needs work, but that you’ll get a big discount on),  but less risk that way.Yield will generally diminish the higher price point you’re at.Take your time and do your homework!

The most common issue I see is an investor, many out of state, buying properties in rougher neighborhoods because it's cheap, not realizing that it's active income and much more difficult to rent out and keep good tenants but there's also an issue finding legit contractors to work in those areas and they often will charge higher for the risk. 

On large projects like the one you are considering (a big one for "new" investor (your words not mine), we would have zoning, financing and environmental contingencies to mitigate the risk of closing and our earnest money.  

Not sure I would risk that much money for 60 to 80 k if agent fees are wrong.

But that $155K basis (141 acquisition - 6 depreciation) carries forward in some prorated manner.