If they don't follow that  process, it's my understanding that you can treat it as non-payment of rent and follow landlord/tenant laws for non-payment.    

If there is considerable equity in the property, this situation can be quite profitable, by acquiring the seller's interest and subsequently foreclosing on the non-selling co-owner for his/her unpaid portion of the expenses.It works like this, do a title search to confirm who has how much interest in the house, and get a good inspection to see what maintenance is currently required. 

Yes....most normal banks are tough with investment property loans for non-citizen.   

Finally, I usually will consider about a .5% appreciation rate per year for overall appreciation (non-cash benefit, but can come in handy down the road), increases net worth slowly without taxes.Hope this helps as well. 

@Jason SanMartinI would start by asking the wholesaler if taking his purchase contract with a non cash offer is possible.

Given your description I would follow through with the non-payment terms in your lease.

The loan can't be a conventional loan because any financing provided to an IRA/401k must non-recourse. 

So for sure if your leveraging C class rentals by all means they better cash flow other wise you will go under pretty quickly as they tend to be non liquid or you will lose money if you do liquidate as other investors are your only exit and they look at these the way all investors do.. with locals looking at them that much harder.

Additionally, the loan is non-recourse (except for bad boy carve-outs, which is standard) and provides very competitive loan terms.

Would they view this property as pre-existing non-conforming?