Many people that come to BP don't have two nickels to rub together because they spend everything they get, even if they make good money.However, being frugal on a low income, does not protect you much from the things that are outside your control. 

I only mention the last part to help protect you a bit.

@MarieChele Porter I no longer have a PM because all my investments are now within an easy hour's drive and I have educated myself on self managing by hanging out here and belonging to a local REI association; and frankly my PM was not as committed to protecting my backside as I am!

Your capital is more protected from the extra doors and your cash flow can grow exponentially.

These reports may save you a lot of money from the mold remediation, if such is necessary, and to protect you in case of a future court case.

How do we go about doing this, and what is the best way to protect myself in this deal as someone who is wholesaling to a wholesaler?  

Having adequate reserves makes sense to protect yourself against a correction.

Just take the time to structure your partnership in a way that protects both of you. 

Go through escrow for the purchase to protect yourself.His credit is already destroyed.

But having some sort of protection will help me sleep better.