I've never bought a house before, and i've never had an income to be able to be picky about my living situation, so i really have no idea what amenities to look for, and even worse, no idea what large ticket items to look for. obviously roof, foundation, electrical, plumbing - but what indicators of those can i actually inspect on my own and be able to see if this house has any major red flags? 

We are actually in the process of downsizing and moving into a duplex we purchased.

It's the least you can do after tying up the property for a month (45 days seems excessive, even for a wholesaler...my inspection period is 15 days).Best thing you can do is make sure the deals you get are actually deals, and you shouldn't have a problem finding buyers (or closing yourself if need be).

Then it would not be an assignment fee being paid, but actual proceeds, from which your option payment could be made to the seller"Any advise on this?

Once you get that done then you can make an offer SUBJECT TOO receiving approved building permits from the country or city or whoever the jurisdiction is.This is what I do in Charleston these days when you have BAR review and other impediments I make my offers subject to actual permits being obtained..

You must be able to document a lower FAIR MARKET VALUE.You will actually recognize the step up in basis at that time.Feel free to PM me or call me and I'm happy to explain it.

I think you are a hero in your right as; you searched for a YEAR, found a DEAL, ran the NUMBERS and for the holy grail you actually made an OFFER and in a true winners spirit it was ACCEPTED so kudos to you.  

My parents own their house free and clear and actually received one of these letters in the mail.

Fast forward a couple years and I was actually fortunate enough to be a guest on the podcast!

@Brent Coombs  That is actually a garage.