It will be very difficult to find cash flow in oc, unless ur down is 50% or so.

I agree the financing is very difficult.

To find a truly good wholesale deal in this market will he difficult.

Since I'm a newbie I'm stuck between taking action and getting my feet wet and gaining experience vs being patient and finding a really good deal (which I know is difficult in today's market) 

The proximity makes things a bit difficult for me, but I want to get what I can of my money back and also not let a scammer get away so easily like this.His information is listed below. 

Out of state financing will always be difficult, especially with distressed assets.

IMHO its not too difficult to source a realtor and put it under PM on your own.Otherwise you can source in san bernadino and riverside counties and bet on the appreciation play locallyPrices in OOS markets are the same as they were in 2006 so be careful...

@Carmelo Pollicina: You are in a difficult position as few banks will handle a mortgage to a LLC . 

@Chase Gibson @Lukas Zupan  I certainly don't know Oklahoma law but I find it incredibly difficult to believe that you can be held to any contract that you were never a party to, think about it.

Here's what I know of the numbers: House is 4 bed/3 bath, 3100 sq ft$55k is owed to bring everything current (HOA, mortgage, fees)$8-12k for rehab - general cleaning, landscaping, 1500 sq ft of carpet, interior paint in some rooms$164k - current loan balance, $155k after bringing loan current, PITI is currently $1076 @ 3.5%$1800-1900 current rents in the areaIf the loan were called, I would be able to pay it off.