I'd probably freeze-frame the entire transaction, and keep all contingencies in place, until the trouble tenant is physically moved out.

Jay, would you say jumping on a large apartment deal as a passive investor, or buy a couple of highish APR notes would be a safer bet at this stage of the game than buying 1-2 SFHs?

Your best bet is to get a loan for the property, so the lender can have a mortgage, and save your money for repairs.

Do not cut any corners to make estimates to make them look better on paper but not will physically.  

I bet the guys talking about weasel clauses would not like it if people did that to them.. .. oh well.. can't fix the world of wholesaling its just pesitlance like Gully says.

David McLaughlin Your best bet may be a bank statement program.

If the P&L is not audited (or at least certified) then I would ask for tax returns and bank statements to verify them.Get financial vacancy numbers vs physical vacancy.

Ideally, you would have three physical bank accounts:  a cash account which holds the bulk of your money, an operating account which your checks are written from and bills are paid, and a deposit accounting to keep tenants deposits separate from your money.  

Unless you've lived in one of those markets before and really know it well, you're not gaining any advantage by investing where friends and family live - you'll be hiring a PM that knows the area, and you shouldn't have to check in on the prop physically with any frequency unless you just want to.

But since I've learned more information I think my best bet is to leverage myself and do a cash out refinance and expand my profolio.