Hello Frank,It's fantastic that you are looking into your options! 

I would own the company as a Franchisee, but not sure if this a good option with all of the associated fees.

For instance, let's say you do the rehab and go to rent it...considering the relatively low value of the property, it's reasonable to expect that the tenants will have low or no credit, they may be unemployed or on income assistance, they may have minimal employment options, and/or they may have a very spotty history with prior rentals.

I have an option to purchase at an attractive price but would rather not bring cash to the transaction.

Definitely slow down and get a handle on the hidden costs and benefits in a few different options. 

Additionally, alternatives like real estate crowdfunding or investing in RE mutual funds offer diverse options.

I am still in search of properties in the Fresno area and haven't found a decent option that aligns with my goals.

Personal home insurance won't be an option unless you are also spending time at the property.

Wholesaler gets it under contract for $160K and has a 14 day option period (inspection period).

Most QSR restaurant concepts and others tenants desire 3/4 to 1 acre plus usable parcels these days. it gives them lots of options with designs and layouts to maximize sales per foot.