This way you collect $1100/mo until they're able to perform on the purchase and they are getting rent for $900/mo and $200 towards closing/purchase saved up.I have attempted this with a tenant in the past but did not successfully implement it.  

I'm looking to get into wholesaling but of course looking to be an understudy if possible of someone in the area until I learn how to effectively perform the transactions.

I am up to the task.

I would like to put together something to calculate how well my current property is performing financially.

And there is some sort of plastic plumbing that was used in the 60s or 70s and maybe even the 80s that didn't perform as expected...it is garbage.

So if the buy the building and after rehab they are into for a 9 cap then they can price above 5 cap market at a 6 cap and it flies off the shelve.Just buying existing cap rates for performing stuff it doesn't work unless you are just holding for tax write off and retirement.

Seller allowed us to perform inspection(for information purpose only) and we discovered few issues(window not shutting down, paint peeled off in bathrooms, exhaust fans in both bathrooms not functioning).

Therefore, if you can buy in a way that ensures the cash flow side of things is performing well, it won't matter as much if it appreciates or not.Good luck!

If they do not perform I foreclose and take back the property.

Auction company must of got tired of watching people bow out cause they couldn't perform.