Tom Gimer has it right - at closing you’ll receive pro-rated rents and deposits - get those into respective accounts.

I have already been approved out of concept and have received comments back on the first submittal of SDP. 

Her job has her gone from home a lot of times either off shore or just out of town and when she is gone she will ask me if I can stop by the unit to check up on it or grab her packages or adjust her thermostat so the a/c is running like crazy. 

Unless you know that the property will be competitive and have a way of verifying other offers they receive that is a good way to get a counteroffer at $150,000. 

I am not eligible for the self directed and I've looked at the checkbook IRA, however it seems like it is a very thin line between the "do's and don'ts" and I definitely do not want to gain the attention of the IRS. 

This seems like a pretty easy answer to me, but the advice I received was pretty adamant I live in my 1st rental property even if it is a single family home.  

Doesn’t mean your brokerage can’t receive referral fees for clients though.

I am talking with quite a few homeowners at the moment but need to create/receive a wholesale contract that has an escape clause and such.

The seller has provided me with a 2013 appraisal that is quite thorough and has many comps and valuation approaches, but obviously is 5 years old.He also told me that they have a recent appraisal that was done and when I asked to see it, all I received was a couple of sentences that used the income valuation approach to come to the same price he originally offered.My main question is what value does the income valuation approach have to a property that could potentially be vacant in 3 years?

Then all utilities and roads could cost 75k Then subdivided, a .3 acre lot will sell for 25-30Should I be evaluating this only by the income received, and not the cost of what it would take me to do it?