I am not a lawyer but if your wholesaler is not licensed they cannot represent the seller and cannot impose any conditions on the seller on your behalf (unless they draw up a new PA with the seller).

Another consideration is what kind of peppery you are targeting.  

Also the deal size you are talking about.If you have say 100k to work with then small balance retail condo,office, or say an old town building might work for 100k investment.Those type of properties you have to work harder for yield.My clients tend to buy properties in the millions to tens of millions in price so cash flow is a consideration but secondary usually to passiveness of the asset, equity growth long term, and high quality location for wealth preservation.   

Are the Zillow rent estimates worth any consideration or are they just pie in the sky guesses? 

If lower, and it is a distressed property (under performing), it may require additional consideration.  

If he needs some large draw up front,  I would buy the materials from Home Depot and work with the contractor to have it delivered to the house.  

Also take into consideration each state has different laws.

The loan is a construction loan during renovation where you make draws on each phase.

Starting in March of this year I started drawing w-2 income from my business.

In retirement the huge cash flows I will receive from these properties will allow me t not have to draw down my 401k's and Roth IRAs.