If it's too good to be true...Not to say these types of deals can't be found but I'd double your DD efforts.

If i understand you correctly you are speaking of what is known as a "Double Closing".

Questions:Asking price 177,500 in a neighborhood where many houses go for more, but many have a pool, this does not. 4 small Bedrooms, (not a major problem) and the neighborhood is generally well kept.

Unfortunately the reason I am more interested in wholesaling than rehabbing right now are the difficulties I would face in getting financing.From reading the boards it seems that many people prefer to double close when wholesaling rather than assigning the purchase contract.

They think we should flip one of our bedrooms into a bathroom quickly.

I'm also a double major in Real Estate & Urban Land Economics and Finance so I have a good handle on the basics of the business.After all these books, websites and postings I have read, I've narrowed my interest down to wholesaling for now.

If that is the case, your friend could assign the contract to you and you could double close to your buyer.Now finding a traditional buyer that can get a loan with no seller seasoning requirements may be an issue.

Now the apartment is worth double what I paid for it.

I started a couple years ago when I bought a 3 bedroom 1 bath house and 15 acres for $20,000.

If you are unable to sign a contract but have a buyer lined up you can do a double close.