Not trying to discourage you from these type of deals, just want you to be mindful of the challenges you could face coming from my experience and the many investors I personally know.AssumptionsDownpayment: 20%Closing Costs: 3%Amortization: 30 yrsInt Rate: 4.3%Materials: 8% (plug)Maintenance: 8% (plug)Capex: 10% (plug)Makes sense: Purchase Price @ $160k* I hope this helps and makes sense.

In my mind - it's a headache not worth taking.

If you're not in my area, but wouldn't mind chatting...

Mind sharing which bank/financial institution you used? 

I don’t mind doing my own due diligence but if the wholesaler is so far out of alignment with reality (in my estimation anyway) then creditability flys out of the window.

You must settle this in your mind :This is business and there is no room for emotions in business .

.- With these subjects in mind (tenant screening/advertising), how much should I set aside in annual cost?

This place is an amazing resource for learning, and networking with like-minded people.

On the bankruptcy side, keep in mind that many people facing foreclosure file bankruptcy under the mistaken belief that it will stop the foreclosure, and in many of those cases the foreclosure is the only reason they have filed.

So you can change the down easily enough if you find they actually put more down.This doesn't tell the whole story but it generally answers your question.What is left out is that when going to selling, the owner ends up spending about 8% of the value of a home on real estate agent fees, & other closing costs.So, selling a home at $120,000 costs the seller about 8% or $9,600Keep in mind that 3 different appraisers will give 3 different values and they could be 15% higher or lower than the other guy.