I'd enjoy a screen-sharing conference call if you have the time - I can pull up that software and we can play with it.I have a GotoMeeting account.

I have a shore property that I rent out for 1 month and use the rest of the summer for my family's enjoyment.

I don't mean to sound jerky as I respect you and generally enjoy your posts and think you bring a lot of value to the community.That being said I didn't directly answer you question because it was a stupid question...Of course anyone in their right mind will take the $150K over the $160K in your example because you should be able to do MUCH better than a 2% return on half a million dollars.  

The advantages of FHA are that you only have to put 3.5% down, and you enjoy a lower interest rate (I have been quoted out at around 4.25%) As far as the down payment goes, I would end up spending somewhere in the $5,000 to $10,000 range in my relatively expensive Philadelphia suburb area where decent multi-units run anywhere from 150k to 270k (and higher but $270,000 is probably the highest I feel comfortable going).

With that being said they still want to make a sale.You could also forgo your wholesale fee for the real estate commission instead, but only if you are licensed ( only problem with this is your broker takes his share ).4) The wholesaler also needs to have the seller and the seller's agent agree to allow showings to the wholesaler's buyer list.5) The agreed price needs to be significantly less than what was originally asked for, this requires a motivated seller.Usually the wholesalers buyer's list has already seen and passed on the property because it has been all over the web for 150+ days, so again your agreed purchase price would need to be very low that you surprise your buyer's list.All in all a good wholesaler finds deals off market gets them under agreement at a price they know their buyers list will enjoy.

I'm thinking to make two legal units your costs are off too - probably closer to $40k WITH the right contractor.The problem with basement apartments is while they do rent and show OK tenants very rarely renew their leases once they learn what it's like to live with zero backyard, patio or other place to enjoy their summers.

I'll enjoy watching the Q&A unfold here...

That type of research and analysis is actually something I quite enjoy (coming from an Engineering background). 

We're in Lake Travis so it can be a bit of a drive to actually enjoy the city. 

In addition, I've got the 401k and a decent salary, but it's not providing the life style that I find enjoyable.