Justin R hit the nail on the head.A few ideas based on my buying and selling 1000's of units:1. 

I think the biggest issue is managing expectation and nail down the value of the property now rather than heartache later.

So if you're serious about buying a home and preserving some capital for investing then you need to be open to moving. 

My goal from this site is to get the education and connections/networking/friendships to help with our goal to be early retired, build/preserve our wealth, and a great happy life for my families future.

This is a bit too simple to use reliably, though some wholesalers do it.Plus there are 1009810948 threads about ARV and repairs right here on BP, and these 2 pieces are going to be critical to nail ASAP as a wholesaler.  

You hit the nail on the head - the area really is what concerns me regarding this deal.

@Carlos VegaCabri hit the nail on the head in terms of seller financing. 

So don't get discouraged if it takes a little longer to nail down the first deal.

@David Torres nails it... as soon as somebody walks down the hallway and sees that bathroom, they will (fine.. may*) be instantly turned off, and think in their heads they have to gut the entire thing.

student loan debt is highest weighted hit when trying to get a loanif money is no object to you, get a house in west u and youll prob preserve your capital