There is work that needs done on the property, so we'd have to be creative with where we pulled additional money from.

Owning a lot of SFHs for cash means low levels of risk, but also lower levels of return, since cash locked into a home is only performing at the rate of return for that home, rather than leveraged for maximum return.

Stairs are additional.

Also, had a wholesaler tell me when I first started that he would buy a home and sell it to just make an additional 5-7k on it.

Be warned that most QI's are performing safe harbor reverses under rev proc 2000-37.  

.-  Basement is unfinished but has some existing plumbing, garages, finished walls,  etc. and I conservatively estimate $30,000 to build out each of 2 additional  units

In addition, it could be that the seller has died.  

I'm looking to make connections in my local market in addition to learning as much as possible from the BP community.

Additionally, he was very clear he didn't deal with third parties and would not wire money to attorneys or closing agents and certainly not before receiving the fee.

It looks like you're already in Birmingham, so a quick drive around the neighborhood shouldn't be an issue and can save you a lot of headache in the end.If the Calera property adds up without relying on appreciation, and you have already done due diligence on what the rehab consisted of, who's selling it and what their performance metrics are like (tenant turnover, maintenance rate, occupancy etc) then that is the best of your two current options.