A tenant that keeps the place clean and has low maintenance can be incredibly valuable and cuts your repair and vacancy costs down quite a bit.Good luck hope it works out well for you

One of the items was a mortgage statement which stated the house is going through a pre-foreclosure process.

It isn't prosecuted against often so there is low risk as the wholesaler but if an issue arises, the listing agent could report what your agent was attempting to do and they could be in trouble with the state board.This is why most wholesalers write their own contracts, do their own marketing, and work with off market leads.WORD OF ADVICE: No many investors are going to buy a property from a wholesaler that is on the open market.

I was just reading through the thread here about low cost areas to invest in and thought it might be helpful to you, but then I saw you're in Canada.

Thank you for the pointers, the strongest factor towards why I'm concerning a condo vs an SFR or multifamily is for the initial investment required. in palm harbor, there are plenty of condos in the lows 100s and even some under 100.

Income is low.

keep in mind fake lenders are the new Nigerian prince scam of real estatethere is no private money that is less than about 10% apr.. bottom line.

The in-place rents for the cash outlay are pretty low, but that's all relative...the repairs seem excessive...assuming an ARV of $650k and cash out at 70% LTV lands all of your cash back in hand if you do not do the reno...use delayed financing. $525k all in with ARV of $650k changes things quite a bit...you can't pull all your cash back out, but getting $350k back may work...What is your possible appraised value as-is? 

The current spread is at all time lows, so finding deals is very tough.If you find a deal, hedge your long-term risk by keeping your loan to purchase low and using long term (10+ year) debt.

and the seller will know it includes land use  utls  market study any number of things that go into developing property for resale. and if there is an agent involved they will know.once you do your due diligence then you come back with your findings and tighter terms  .. in our state you must have a pre app meeting which are very useful... these usually cost 1 to 3k per pre app.. and you need to have your mock up of what your proposing.. good to have your civil with you..