So my concern is the huge spread between that to $200k.

Would anyone be willing to share a calculator or spread sheet that they use? 

The upside is that your spread is going to be pretty large since you won't have to account for points and origination fees that HML charge. 

I always like to open with a thank you for those who take the time to spread their knowledge and experience.

The biggest con of balloon framing though is that fire can spread easier. 

Self Advertising: Business Cards, Social Media Posts, Mailing post card styled ad to renters/people looking to buy, and mailing hand written notes to past clients.Business Cards: Hand out after conversations, put out in local stores/restaurants (after receiving permission) and put in all flyers/ads/notes mailed.Social Media Posts: Put out helpful information and use colorful images/texts to get peoples attention.Mailing Post Card Style Ads: Will advertise that you're willing to help new clients.

Now that you know what the tenant looks like, you can use social media to find out further information about them.I wish you the best!

you can network with wholesalers.You can purchase lists and compile lists from city and county for 60-90-120 days late on mortgage, pre-foreclosure, delinquent taxes, water cutoff, code violation, probate, divorce, high equity, etc. and mail or cold call.Other methods are driving for dollars, door knocking, wholesalers, craigslist, Realtors, FSBO sites, expired listings, foreclosure sites, put out bandit signs, billboards, newspapers, other offline publications.You can use pay per click/adwords, facebook, Linkedin, Youtube, and other forms of online and social media marketing.

You get an Option deposit fee, hopefully some spread on their rent for 2 or 3 years and the sale price that you both have agreed on up front. 

From what I gather, you need to find a property at 70% After Repair Value to be able to make a wholesale spread possible.I drove around my town for an hour and I see 99% of the homes for sale through a realtor company.