As long as the wholesaler works without violating real estate license law, this type of sales transaction is perfectly legal. 

Since the loan wouldn't be tied to the property you might be able to get away with it without the bank even realizing.

Could maybe get away with $700 per bedroom which would not put you in a terrible spot. (~$900 out of pocket, unless you rent out the other 2 rooms on your side, then you could possibly make money) The main problem with this assumption is that this is assuming 20% down.

Its perfect.

The information is there, just not always in a perfect list.  

To coin an old phrase, "you have to pay the cost to be the boss".Setting up your own real estate investment business is a worthy goal and obtaining your license makes perfect sense.  

While the deal is attractive, I am exploring ways to get away from the contract as cash is no longer available for this project. 

Perfect turnover.

Not every deal will be a perfect deal, in fact most of them are not, so its best to not be a one-trick pony.

I developed this system myself and perfected it over the years.