Even if you are, it's not note compliance that will concern you, it's lending/licensing requirements that will be your biggest hurdle.  

Reasoning behind cutting the TAV down because is because TAV is significantly lower than market value and I've gotten a fair amount of leads with houses worth $200k+ and the numbers are almost always too high to work as rentals (which is my primary concern) even at a 60-70% of value.

My biggest concerns pertain to:-Out-of-state investing-What stipulations are there for financing an investment property located in another state -Deciding on whether to personally obtain the loan or do it through partnership's LLC-If partner lives in area who is highly valuable, but currently rebuilding credit score, would they need to be involved in financing process-When partner's credit is improved, what are the stipulations for the partnership if we decide to utilize the 3.5% FHA Loan or use the partner's VA Loan benefit to purchase a multifamily with a 203(k) loanAny help would be greatly appreciated!

I don't think this is a scam, but I am concerned with the underwriting procedures for their properties.  

Yes, I would be concerned because how is the wholesaler going to get paid and in turn how would you get compensated?

One of my dad's biggest concerns is dealing with the tenants & toilets in real estate or dealing with the paperwork when it comes to managing your own IRA.

I was mainly concerned about the mail ...

If you have any follow up questions related to this concern, please let us know.

I'm reasonably conservative so this may not be as much a concern for you.Hope this helps...All the best,Mark

My concern is the OF with repairs $30K  with down payment of $5K down, find out what kind of neighborhood it is and check the crime area.