The property was essentially turn-key as the prior owners had just remodeled the unit before listing.

I see you're from Orlando I just attended a meet up in Los Angeles where a turn key provider with a resort called The Grove was presenting opportunities to purchase some vacation rental condo/ hotel rooms.

@Marcus Phillips the key to wholesaling is having a solid list of investor buyers.

They’ve expanded you Columbus and offer property management along with turn key rentals for investors. 

A GC can act as a CM and pull permits and oversee the project with you in control and you paying all bills directly but you will need a CM contract with them.Best thing to do if you want to use a GC turn key is to find one that does the type of homes you are looking to build.

The key with owner finance is to not overpay in price or terms in exchange for owner financing.

I have learned lots from my first year in business and my biggest lesson is that education is key.

I'd begin advertising/put out the For Rent sign to start screening new tenants and I'd begin discussions about how I understand his problem and if he'll clean up this and that really good I'm happy to help by not pursing them for the rent owed if he leaves the keys on the counter and is gone by X date. 

Those are two very key components. 

According to RS Means national pricing list, Alabama is close to the National Average if not a little cheaper.There are also a number of factors that can influence costs, but the pricing assumes a 3 bed, 2 bath 1,500sf average grade rehab.