Now a bank will have cut and dry rules... so either partner with someone and bring something of value.

Police have warned me that even though he has not applied or signed a lease, he could have substantial rights.

If you’re buying it for 100k and can pull 2k per month in rent you meet a 2% rule. 

Can you tell me if the option fee is supposed to be applied toward sale price at time of sale?

Each lender has their own overlays/rules. 

I have been looking into the Fort Worth/Dallas market, but I have a little while before I can actually apply for a loan because I currently have no income.  

Have complementary skillsets and spell everything out in writing.I think folks just need to understand that buying rental properties is a business small medium or large... same principals apply like what your talking about.. just because in the US our lenders allow for this aggressive leverage situations for inexperienced investors does not mean one should just go hog wild  when they start..

A seller could misrepresent a property, repair issues could arise, all of the same reasons an investor could change their mind on a purchase that are discussed here at length can apply to a wholesale deal. 

I’m considering doing the “70% rule” with this flip.

(No problem but 2 days to decide this after you apply?)