What contingency does a wholesale use in their offerWhat happens if the wholesale does not re-sell or assign their contract, is the seller mad, disappointed, ready to file for specific performance law suit? 

They have no way of knowing how long it will take them to sell their home and be able to perform on your contract.  

.$25,000 Down Payment$25,000 traditional mortgageThis makes up the purchase of the home for $50,000$15,000 plus a couple of months for repairs to get it ready to rent.Refinance the house leaving $25,000 of equity in the home and taking a mortgage for $75,000 from a third party financer and not a traditional mortgage.

However don't think they just "happen" and are reported like your primary residence exclusion.  1031 exchanges must be performed for you by a qualified intermediary and put in place prior to the sale of your old property.  

When you sell the home, most buyers perform inspections and so work has to be done right.

I don't have much free time to research several properties or vest several third parties - my job and my family life are very time consuming.

HI @Earl LouisShort Sales are pre-foreclosure when you are negotiating with the bank on the borrowers behalf.REO's are post foreclosure after a property has gone to auction and no third party bid on it, so the bank takes ownership.Short sales are a hassle to do and usually are required by the lender to be listed.  

If there's just two units on the property, it'll be FAR simpler than adding a third.

Need some help analyzing.Property Valuation = 66kNote's Unpaid Balance = 25.2kNote Sellers price = 21.6k (standard 85% of UPB)Sellers claims note "performing", but has unpaid taxes of 8.5kLoan maturity in 5 months with balloon of 25.2k paymentChances are this will foreclose!

Does their property manager embezzle from them or just otherwise not perform.