I would suggest to refi and leverage the capital to buy a few rentals as you will have the funds for multiple down payments.

I want to know everything I can about wholesaling, so your advice or suggestions are most appreciated. 

A fellow I trust suggested looking first in markets where you have friends/family/boots on the ground who can be local guides, and only going into a market cold if you have no other choice.

Your loss as a result.You can try to take the tenant to court to collect but based on the fact that you neglected your property I would suggest that you just do the necessary repairs and sell the property.

When we were young enlisted folks, an older NCO suggested we buy a house at every station.  

I just like a the other one a little more.If I am not able to assign the contract, I will just purchase the property I currently have under contract.Please suggest if and how I can assign this contract even though I intended to purchase it myself initially.Thank you

Does anyone have any suggestions on what to do in situations like that?

Any and all feedback is great, any suggestions are welcome.

My plan is to refinance my house with a cash out option, I have a decent equity in my house.And use that money to buy my first investment property locally, I live in Houston.The dilemma is my current mortgage rate is 3%, and the refinance rate is 5%, and how good would be start this rental market investments in Houston, I also have the option to buy properties in Las Vegas (Family), but starting as a long-distance landlord might be difficult for a newbie.What are your thoughts or suggestion about this idea?

However, I would suggest getting familiar with Landlord/Tenant laws and rights in your state so you are protected.