.: @Michael PlaksBut you don’t know his situation.

I would have been ok with the latter numbers because I have been stockpiling materials for like two months, but...I did not know if I could trust them due to the lack of "professionalism," and my lack of experience. 

That's the only way you will know if it's legal.In a true wholesale deal you are putting the property under contract, then either assigning your contract or double closing. 

I know you don't have money for a downpayment yet, but when you do, rent out rooms or buy a duplex or triplex and live in one side and rent out the others.  

Anyone know how to account for CapEx (setup as Asset accounts) expenses in the cashflow?

Quote from @Alex Patton: I know there are hundreds (thousands probably) of lenders out there that offer a DSCR product.

I am extremely familiar with the area, I know that it can rent long term, and it is perfect for my family's current needs.

Does anyone know about this?

Why don't you share a bit more about where you are in the process, what you know about investing in real estate, what your goals are - short and long-term, and tell us a bit more about why you are asking your question here on BP?

I know that.