I guess what you do next somewhat depends on how your deal is looking, and what your holding costs are.

Separately I have a non paying tenant I am evicting which will cost me c10 months rent but that is another story and buyer beware in dealing with NYC tenancy and housing laws - advice is hire a lawyer from day one of nonpayment.Two questions for the forum:1.

and can you recommend any agents who might have a decent flow of wholesale deals?

A lender is not going to be eager to loan on a property to an individual who isn't on deed (one of the complications of sub 2 dealing with title insurance not IRS). 

The best advice I can give, is create a bulletproof contract for yourself via a good lawyer if possible.Sounds like a viable deal if done correctly, but far less headache if they can just qualify on a conventional loan.

I have been working with him to find deals, and manage rentals for a while now.

Here is the next deal, Adjoining residential lots for sale as a package on Mt Carmel Rd totaling 1.46 acres.

The common problem with this situation is that the seller and the bank want to be in the first position (if that bank wants any part of the deal in the first place).

Without appreciation, your entire return is cash flow, and buying at a 6 cap with little to no real upside, means you will be making 6% on the deal.  

It takes a lot of time to get good deals under contract.