Run the credit check / background, income verification then the deposit and lease agreement also signed online.

The numbers you throw out actually sound to me like the realtor and contractor are in near agreement.

@Kera Covani fannie mae requires a minimum of 6 months seasoning so anything more than that is a bank "overlay".

We have a verbal agreement that the lease will be $750/month, plus $25/month for a pet (dog), and security deposit of $775, plus a $300 pet fee.Thanks for your help!

I don't think that registering a mortgage is necessary, but I think you can register the JV agreement on title so if they try to sell the property out from under you the lawyers will see it.Will you have any  money in the deal?

I wish you would share the details of what they are claiming, but I suppose it doesn't matter.This agreement looks good except I don't understand why you would return the deposit so quickly.

Personally I think the smart move will be to do the bare minimum to convert it to single family and sell the house in its current condition.  

Laws and brokerage agreements I am sure vary state to state, but here's how I see it.If you are wholesaling, you are likely putting properties under contract to buy for your own portfolio.

I recently did a 1031 and put more down that the bank's minimum requirement.

Pull your equity and invest it by spreading it around as minimum DP on as many income properties as possible.