This will give you an idea of how much involvement you will be expecting once they rent.

The 1% rule is a rule of thumb, like you said, which means that it will not apply in all situations.

The Florida State Legislature is considering a pair of companion bills in the House and Senate that are intended to, amongst other things, preempt the regulation of vacation rentals to the state, but even if they were to pass, preemption would only apply to municipalities that did not have their own vacation rental regulations in place prior to June 1, 2011.

Then keep applying for the top level jobs.  

Some people swear by it, some people won't touch a property unless the 2% rule applies.

For example, hopefully you collected detailed information on them when they originally applied and you know where they work....well, serve them at work. 

@Leroy Feireira-shearin what they dont tell you is that wholesaling involves owning the property, then reselling it.

The house Is only only valued at $160-$205 (range from various sites)Zillow estimates Foreclosure Estimate: $82,006.I did my research, found out all the parties involved.

Does having just one other, unrelated investor involved in the fund change this scenario?

Depending on the amount of money involved, it may not be worth the hassle to pursue legal action against the seller.