Your profile says boerne Texas which I don’t think is horribly depressed economically.

I always like to err on the side of caution so let's say that you realize after a few months that this tenant is just plain horrible and is an overall headache to you... chances are you'll regret signing a 2-4 year lease because you'll not want to keep them for more than a year and I would assume that it would probably be harder for you to terminate the contract.  

Bottom line was that its a horrible investment compared to the stock market, mutual funds, and real estate....its loaded with fees that eat the returns etc etc...... so if you are looking to protect your family in the event that you die etc, term life is far superior and WAY cheaper.

Even though wholesaling is not the end of the road for me neither is Real Estate, I don't want to be just another wholesaler with horrible deals whose emails go unopened.

The experience so far has been horrible.

I had a horrible group of inheriteds and one of them found my number and called me at home.

It might be a great deal or it may be a horrible deal.

Garages make horrible living areas here.

Highest return on investment, but highest aggravation, is class C multifamily, in not great areas, but not in horribly dangerous inner city areas. 

All in all, I think this is worth about as much as the toilet paper I just flushed.The general concept of COC is good, and a great idea with seller financing, but adding on all the other ridiculous charges is assuming youre going to hook someone with a FANTASTIC INCOME but HORRIBLE credit.