Wholesaling is an art in and of itself and is no less demanding than other strategies..Your thoughts please, gentlemen.....

Let us know the results of your LOI offer and if the seller counters or not.NEVER let the seller simply state to you, "make a new offer/LOI and resubmit" Tell them, "please send me a written counter offer"Sellers telling you to resubmit a btter offer are playing the game with you, turn it around and don't them them win that game.

One thing they did was fake occupancy by having radios playing in vacant units! 

I would build in a buffer for taxes to play it safe.

And I'm not sure if he wants to continue cleaning...It's not really a STR market...up in Buffalo, NY which is why I never considered it, but the PM said there was strong demand in the summer because of Niagara Falls and in the winter, with youth hockey leagues, the Bills, etc. 

I have been playing with the idea of A cashout refinance ( to make them commercial), but I am also weighing the option of buying using a commercial mortgage now and doing a sale to access equity later.

Option #2 sounds like a long-term play where you may be betting on appreciation in those markets. 

Have your attorney do two things simultaneously: (1) draft a letter to the tenant called "notice of termination and demand to vacate" and (2) file an unlawful detainer suit seeking possession and, if possible, damages. 

I live here in Cleveland and people are flying in from California and New York in droves because the cost of entry here is so inexpensive, but the market is hot and stable with an extremely healthy demand for housing from strong working class population.For $20k here in Cleveland you could pick up a, 3-5 bedroom rehab.

If you already have a good w2 or business to eat and live on, it's a great long-term play, especially for part-timers.