What I have seen successful in this situation:1.

As Min Zhang suggested, making sure you have a reliable property management company is key and can ensure you aren't dedicating any extra time to taking care of this asset when you already have a job with demanding hours.

This is the only mark.

In this case, the vendor was a home inspector.

Any creative ways to buy this deal that’s a win-win for both of us?

Some townhomes are like $250,000 and rent is still $2000+.Where I’m from, a $400,000 house would probably rent for about $2000 so I was pleasantly surprised to see how much more rent you can get per dollar, is this pretty standard or am I missing something about Freeport?

So depending on your experience, if you are bringing a piece of land and some plans, I the outside investor would want likely between 80-90% of the equity if I am providing all the funds for closing, the experience, and the reserves, just to be honest on something like this. 

This market is literally built for STR and yes, there are thousands of units and yes, it is very competative.

The last thing you want to do is buy this property and end up with a lopsided deal if the ARV is significantly lower than what the wholesaler claims.

Nothing is off the table at this point.