100% financing is tough...even for private lenders, unless there are compensating factors (great track record, proven successes, strong reserves, great credit score...maybe even good job/w2 income (usually not a factor for non-bank investment property lenders, but may be for a private individual)). 

You probably won't get year leases (which you don't want anyway), but make sure they understand that it is a month to month arrangement that can be extended for as long as they follow the rules.

Quick follow-up question: deciding then to do the Midwest direction, and to buy and hold for the long-term, is it better to take $75K and split it up as the down payments for two or three properties, and get loans on them, or, take that same $75K, and just buy one single property with it? 

Also, remember that you *can* identify more than three properties (if you really feel like three isn't enough choice or you have a ton of value you'd like to spread around between multiple replacement props) but you have to follow two rules:1.

Following!

My point being it is a difficult environment for everyone (except sellers), and to illustrate, a syndicator I have been following (wellings capitol) has given up on multifamily for now and switched to self storage after a history of insisting they would not do self storage!

If I am not mistaken you only need to follow which does not talk about Laundry on sit. 

My  2 cents: Present him your offer and then keep following up every other week until he either sell the house or ask you to stop calling him.

There are other requirements but as long as you get it set up right and follow all the rules, it will protect your liability.

Hi Revon,The "don't" for wholesaling include the following:1.