The only issue I see here is if for some reason it doesn't pass the test post-rehab, I will then have wasted a considerable amount of money as the liability/ethical issues surrounding its rental or sale would be too great to assume.Any advice here is greatly appreciated!

The median Sales price in Tempe is 242k and I'm getting the house at a 20% discount.

Do not try to do everything yourself.Always do the math analysis and try to look at the subject property before you make an offer or at least have a clause in the sales contract that allows you the time (usually about 15 days) to make a detailed inspection and possibly back out of the deal without a penalty that hurts   Right after you close on a deal get an insurance policy that will protect you in case of a loss.Just do what is average for the neighberhood.  

Look at what's for sale and see what is and isn't moving.  

If I sold him the building on a land contract for $250k, which is exactly what I have in it, on a 15 year payout, am I correct that the sale would result in a wash, no earnings to be taxed on, and the only taxes I will pay will be on the interest portion of the monthly payments for the next 15 years.  

If you think you will go FHA, Conventional, 203k, etc. and then Quit Claim the property, to a LLC, or a Land Trust you run the risk of the lender discovering a Title Transfer occurred and activating the "Acceleration Clause" or "Due on Sale Clause" that requires the loan to be paid in full, within 'x' number of days.

I don't know how to do that other than short sale so if there is something that I don't know please let me know.

Most of them were very helpful and I only saw a high pressure sales presentation once.  

Hi, Can anyone help me get standard blank purchase and sale agreement contract for wholesaling in the state of Texas or who do I need to contact in order to acquire these contracts?

I ask because I have noticed some condos for sale where it is specified that the buyer must pay all cash without financing.