The difference between my everyday car (work related vehicle) and my wife's car is like night and day.  

That being said, I am trying to understand the potential risks and downsides of this investment vehicle, and one potential scenario I am having trouble understanding is this: the borrower has a lot of delinquent taxes; say, for upwards of 25 percent of the value of his or her property.

Once you know exactly what it us that you want, your next action us to make a decision if you will use the services of other to help you find that investment vehicle or if you will pursue directly.

If so, your property coverage is limited to these causes of loss: FireLightningWindstorm or Hail (USLI often limits this coverage to a submitted amount on the policy, not policy limit)ExplosionSmokeVandalismAircraft or Vehicle CollisionRiot or Civil CommotionSinkhole CollapseVolcanic ActivityIf nothing else, be aware of the following, but I would recommend getting a more broad coverage from a competing insurance company for no additional charge that would include policy limits for the above windstorm or hail, and the following causes of loss: Burglary/Break-in damageFalling Objects (like tree limbs)Weight of Ice and SnowFreezing of Plumbing*Accidental Water Damage (think of a leaky roof that is causing water damage into your property leading rotting wood and or mold)Artificially Generated ElectricityMy Best,Ryan Leavitt

Every dime spent for anything related to the property including gas for your vehicle to travel to and from, advertising, utilities when vacant, legal, your time, etc. etc. etc.

Would you let them drive you car for a week if they didn't have a vehicle???? 

Cash flow 7-10K in that period and sell it for Market value (38K equity)Strategy 2: Lease option for 3 Years, get an option deposit, a little more in rent (10%) 10-12K cashflow (less maintenane/vacancy) and Still sell at market value.Strategy 3: long term properus cash flowing vehicle for wealth. 

I have always know the power of RE as an investment vehicle but I never had the know and to be honest the courage to take the leap.

Yes, wholesaling the way it is being taught is the same thing as brokering a property, the end result is the same, justifications to the contrary are based on the vehicle used to get there, it doesn't change the results.In Missouri, the law states "facilitate a sale" and wholesaling as most try to do would be illegal without a license.

That I know of no one can go without eating, without buying gas to go to work on a project, without paying insurance on a vehicle they will use and they cannot work without tools.All expenses and items needed have to be itemized and agreed to before you make a commitment to a project with any partner.