How will you possibly do better when you're so young and inexperienced? 

The cash flow is marginal, it needs improvements to be rent ready, and you would be an inexperienced long distance landlord.

This sounds like a 3 ring circus filled with inexperienced investors.

You get some auditor who is inexperienced or even bitter towards wealthy people and they will go after you. 

Wholesaling isn't might cup of tea or specialty(at least not yet). 

I'm still very inexperienced, but I'm willing to do whatever possible to learn.

If the rehab was 40K and divided into 4 stages of 10K each, then you'd front the first 10K of the rehab, the lender would inspect and if satisfied, would reimburse you with a 10K draw, which you'd then use to do the next 10K phase of the project, rinse and repeat until the project is complete.Like I said, it's possible to find inexperienced lenders who will loan you based on the purchase price + rehab project cost or (worse) the ARV, but that's naive/risky to the lender as s/he has no assurance the funds will actually be used on the rehab.I hope that makes sense and helps with your analysis!

@George Huntley As an inexperienced wholesaler….please stay away from preforeclosures.

In this case it is just an inexperienced landlord not taking time to research value before advertising price.

It's one thing if you liked the mother as a good tenant and she came up with a replacement, but again, not my cup of tea.