We want to create a new number to put on our marketing and have it forward to my phone as well.

A house can be either.If you're buying a place to live that you expect to appreciate and create net wealth, you're making an investment.  

If you are competing with individuals that are cash buyers (which is typically the case) that may help shrink the gap between  your projected closing time and theirs making your slightly higher offer more competitive to and individual who needs to close FAST. 

Taxable value right now is about $2,300,000-Loan:  Full recourse 75% LTV (including 75% of $450,000 rehab budget), 5 yr term, 25 year amortization, 4.5% interest with interest only year 1-Age: 1968-Individual HVAC and Hot water heaters-9 down units have been "down" since 2007!!

You're focusing on creating supply of wholesale deals.

In any case I think the cousin thing is something you can look into if you have any unrelated individual legislation in your area.

The situation with this Seller could be allow you to eliminate the existing owner's monthly payments, create a home ownership opportunity for someone that didn't exist before and help you make some money all at the same time. 

I figured upon graduating and finding a job I would want to invest the money I make in Real Estate and create some residual income.

Im assuming you had to create a LLC?

I am looking forward to getting to know BP members and picking the brain of like-minded individuals.