The best thing you can do is contact an real estate agent / broker who can run some comps and get you an accurate ARV range so you can forecast things more precisely and have a better idea of what these types of properties are actually worth and currently being sold for.

I have one currently and it is very successful. 

Getting into the story behind this one..This deal was sourced from a large corporate wholesaler (no names) Originally listed as 179,999 as a "wholetail" deal with an "ARV" of 250,000 I walked the house and estimated it needed little in terms of repairs, though I knew a realistic ARV was between 215-230 However, there were tenants in the house without a lease agreement with the current landlord.

I am a 20 year old college student looking for advice on what to do in my current situation.

I think this is why they wanted to attach the licensing requirement to these kinds of deals - to give them the broad leeway they want in saying what people can or cant do without having to write 4,000 laws.I don't know that this law as it's currently written will withstand the suits that are sure to come from investors asserting that the marketing of a contractual position to buy a property is not captured by the wholesaling definition (and I don't think that it is).

I would look outside of current development areas but not too far, and look for blocks that feel good to walk down.

What is worst is when they run out of time on their current hard money loan and are paying penalties/very high rates for going past the maturity date. 

Is anyone working in this space currently?

They are currently paying $1050 and the current market rent is $2000.

One had the owner still living in the property with 5 cats, and 10 litter boxes that had never been changed in years.