So I bought a 2 unit and the more work I do, the more I realize needs doing, so I'm thinking about taking out a personal loan to take care of everything at once, but I really want to be able to refi and get my money out.

Michael Guzik all you need to do to be a great wholesaler is have good deals....every house i wholesale ( which is a lot ) I never even go see, I don’t do estimates on repairs etc....all I do is figure out what the ARV is and get it as cheap as possible...I shoot for 60% and go up from there...I don’t care what the repairs are, In my market all the buyers including myself usually do full gutts regardless and try to get top dollar.

Your 50/50 profit concept is very superficial and does not consider lots of possibilities.What if there is an extended vacancy?

One of the permitted uses in Jacksonville for RLD districts is family day care homes meeting the performance standards & development criteria set forth in Part 4.

Or will it be taken care of by the title or seller at closing? 

Be careful and don't share any personal information, but call them to learn more. 

I don't care what they say the ARV is and I don't care what they say the repair costs are.

@Bill Baldwin glad to hear that it will be taken care of, but sorry you had to go through that.  

When I was looking to buy my first house I talked to my real estate agent about buying foreclosed homes and he told me to be careful.

IMHO its not too difficult to source a realtor and put it under PM on your own.Otherwise you can source in san bernadino and riverside counties and bet on the appreciation play locallyPrices in OOS markets are the same as they were in 2006 so be careful...