Normally I’d say minimum income 3x the monthly rent, but he will be one of three adults living in the unit and they were already screened by the previous property management company.

@Sam Mathew what is normal for that neighborhood?

To me, if a renter has less skin in the game than they have now, that problem is likely to get worse.Again, my feelings are mixed.

Hi Monte, normally for a residential mortgage your "gap" funding (down payment, closing costs, etc etc) need a seasoning period of 30-90 days before the lenders will let you use them.

But normally, 2-4 weeks before your moving date sounds reasonable.

But after 2 weeks this feels like the new normal.

Essentially, I would target my scouting more than a normal wholesaler would, as I am specifically looking in the markets my investor friends are interested in, and at the criteria they have for their investments. 

But then because of the crash,  the sheriff's office  was running way behind.  7 weeks instead of normal 2.   

You will not have any cash reserves to rehab the property, or deal with issues that crop up during the normal course of owning a rental property, which is very risky.

@Jeremy Rameyit is normally suggested to create the LLC in the state it will do business in.You should consult with an attorney to help understand how an LLC will best protect you.