They have no credit history, so you have no idea how responsible they are financially.

But just hating on wholesaling in a wholesaling forum is so unbelievably pointless. its not dead per se  but it is starting to be regulated as it should.. oregon just passed their version. where to wholesale you now need a license and over site by the RE commission.. along with criminal back ground and a BOND.. and as we know not everyone can pass either of those with the bond being the tough one if you have bad credit your not getting a bond.

Assuming a loan, juicing cash flow, being aggressive in offers and asking the seller to pay a huge seller credit, etc. 

Some will be ok in 2nd position and some will not and force you to refinance out the first - but those are options that are probably cheaper than credit cards 

While I own quite a few rental units already, I thought condos might be a good option to gift to my kids when they turn 18, offering them a safe introduction to property ownership without too much risk.However, my challenge with investment condos is that the cash flow always seems terrible.

@Helena Goyvaerts rate for a 30-year fix would be at least 8.5% with some points (1% of loan amount).Most DSR lenders have a minimum credit score requirement from the applicant.

I was working with a local credit union who pulled out at the last minute.

What minimum credit score?

@Kyle TrotmanI would suggest speaking to local banks, and credit unions.

Also credit score 680 with no missed payments over the last 2 years and also check their criminal report just to make sure you know who these tenants are, as the eviction process in New York city is very long and expensive.