Long story short I dropped my college classes due to lack of funds and lack of motivation.

Also, you want to do local research for your area so that you don't overdo your rehab, but remain in that "sweet spot".  

Your equity gets wiped up in a correction but rent will go up and your other payments will mostly remain the same.  

Not something most sellers are really motivated enough to do.In terms of what happens to that 83k, it depends.

Start analyzing properties as you find motivation.

@Rick Mays What are you doing now to get motivated seller leads?

I'm a wholesaler who has made contact withwith a motivated seller who wants to sell me her home.

The reason I posted this topic is that one of my tenants who had been great for 2 years and signed an early termination letter and paid two months of the remaining lease,  suddenly lost his mind or something and trashed the place when he left, plus decided not to move out on the last day just to be a jerk.  

To address your question: if you're working with motivated FSBO deals, proof of funds shouldn't be an issue.  

I am very new to the real estate world but 100 percent motivated to make this an eventual full time business.