However, between my partners and I, we each received 1/3 of the cash we pulled out and are now each paying 1/3 of the mortgage each month (hopefully that all makes sense).

Still have not received rental payment over the past 2 months. 

But then I would have to pay income taxes on the interest received without being able to deduct the interest paid?

As an appraiser who specializes in billboard interests, I think these are all good points and you have received some good advice.

The Wholesaleing strategy has been one I don't love because most of the Guru's and events that come though town tell every body how easy it is and how they can do it with no money out of pocket.

The information I've received through books and podcasts have been great but a bit overwhelming at times.

@Roya Vasseghi this post just showed up on my home page at BP and it looks like you have not received any replies!

Any person violating this sections is guilty of a misdemeanor and shall be fined not less than the amount of the fee or charge he has sought or received or contracted for, and not more than ten times such amount, or imprisioned for not more than 30 days or both.

It sounds like you're receiving your money back, but it's still unfortunate you wasted your time on this. 

My tenant could not able to pay rent for last 3 months and i had to file eviction on him and received go ahead from Judge to evict him next week.