Your intentions to cover the debt are really irrelevant and in some cases are beyond your ability to control the situation.

@Bob Bowling  When I am evaluating my own rentals or ones for wholesale i do NOT use the 50% rule. 

Either you will buy it, or you will assign it.The reality, by your own admission, is that either you will find someone to assign it to, or you will walk, because you do not in fact have the ability to purchase it yourself to use as a rental.The fact that you said this to him, and that he knows his stuff, is why you were asked for POF.  

 @Kathleen Miles I will preface that I assume you are referring to the wholesale model where the Wholesaler gets a property under contract to assign to another buyer with no intention or ability to close without finding an end buyer ?

I have character, pride, integrity, honor, ability, talent, passion, creativity, intelligence, wisdom, code, and as a 44 year old man and father of two young children, I still have some energy and tricks up my sleeve.  

I baking soda on carpets or carpet freshener with baking soda leave it on a day or twoPlain vinager to wipe over surfaces and set out some in a bowl in funky closetsYou can wash drapes curtains in two cups of it after you dry them it don't smellAlso worked on several coats I left in an unused closet  used two cups and it removed musty smell.

Then I got a bill one month for $880. 

First step is gaining the trust of the owner, they need to know that the whole deal is in good hands, they don't want a newbie tearing in to their property, so experience and ability to manage is needed, use good contractors if necessary.

I've got extensive experience with rough carpentry, cabinetmaking, flooring, drywall, wiring, plumbing and am confident in my ability to inspect a residential property myself.

You'll be taking a small risk but if you can get an ugly house under contract at 50% and have the ability to estimate the rehab accurately & fix it up,  present the numbers.