Of course communicated and preparing for every situation and getting involved in a good investment is always key.

You will likely get more then a wholesale and won't have to take the risk of things going wrong during a flip.

I usually highly suggest them getting renters insurance but if they want to take the risk that's up to them.

The main thing is to know that the two options you present offer completely different levels of time, effort, skill level, and risk.

My plan involved using the 150k to pay off my current loan and the remainder of a vehicle loan which would reduce my monthly bills by 350$ but the 150k loan would have to have a term of 30 years.

While this seems like a great thing to be able to use that credit to finance a DP, what are the risks I am taking on? 

I have always had an interest in having rental properties and even doing fix and flips but I have never taken the leap to get involved in it.

Get involved in your local REIA to really capitalize on relationships to be found there.

If I'm going to spend 50k on a rehab and all the time involved with doing so, I'm certainly going to back sure there's equity when I'm finished.

The bigger the risk doesn't always mean the bigger reward though.