Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.

In this case, since they are already in the property, you probably have a fair understanding of how they keep the house and what their payment history is. 

Median income is 117k, Median home price is $370kIn Palo Alto,CA, median income is 178k, Median home price is $3,200,000Cleveland median income is 92k btw...So Milwaukee still has long appreciation play that can still be supported by people income, what I don't understand is whether the statistic is accurate, I thought the income in that zip code is only 50k. 

A solid base of steady income with a low return and exciting, headache filled days with sellers, contractors and buyers to make a little extra cash.

I understand the inherent difficulties and I appreciate the warnings some of you may offer, but I am specifically looking for anecdotal takes on past deals and attempted deals.

So that I understand what I'm doing.

Would be able to exit and avoid capital gains if I understand correctly. 

In a wholesale transaction the seller is in some kind of financial trouble which the wholesaler is helping to resolve.You have two options an assignment or a double closing:I haven't done an assignment myself so not sure completely of the process, but in a double closing there is already a contract with the seller and the wholesaler who is fixing the liens on the title, when that is resolved there is a closing date where the wholesaler execute the contract with the seller and you execute the contract with the wholesaler.In general the closing cost in these type of transactions are covered by the buyer which it could be around 3.5% and it does not include sales agent fees.There is one thing that I didn't understand, it seems that the hard money lender is in charge of the transaction.

I’m open to anything to help better understand what people are seeing and their experience in this market.  

There is a really solid one here in Bloomington IN, but Terre Haute is a market that really interest me.