I know what the responsible choice is but it's just going to be a rental property so I'm sure it doesn't matter all that much. 

If so, a conservative investment like this would be a wise choice  to best weather the storm.  

@David MeltonThe Cleveland, Ohio area is popular with investors in this sort of situation.

In NJ I have no choice with current tenants- they keep their pets.

Your choice on a second coat.

(And actually invested in another business with a partner of mine) I don't have money to invest in properties myself (or skin in the game as is popularly referred to) With that being said my credit isn't great and I obviously understand the greater than normal risks involved so I would be happy to take a cut in the profits for the first few deals with higher points as I save up for the down payments private/hml require(I read average is 20-35%) However, I have heard and read about PML/HML that will make deals based solely on the deal without requiring you to put your own money down or checking credit or anything involved because they use the property as the gaurantee.

I live in Texas where LLC's are very popular asset protection tools.  

this technique was a lot more popular about ten years ago , basically you would want a cash back if some of the renovations would not be done.I never did one myself but heard a few people who did, cant tell you if it's legal or not though.that being said, the schl and the bank will evaluate the place and see if it's worth that price.how is the wholesaler getting paid?

I definitely plan on purchasing my first multi-family(Duplex,4plex) for a good deal but it's making the right financial choice in regards to financing.

Hopefully you have more and better choices there in Denver.In my little area there is only 1, possibly 2 'stagers'.