This typical American family does not have an extra $1,200 per month in their budget!

Typical minimum is 1% rent to sales price so if you paid 163,000 you want to see 1,630 a month rent.

To add insult to injury, I also received notice that the property in un-insurable.

I also am very interested in wholesaling real estate for starters just a fast learner and willing to receive help or mentoring from someone near my area .

This seems to be a typical operation by most unlicensed brokers.

Refrigerators are typically considered "non realty"or "non-real-property" items since they are not attached to the house. 

On the main page is a link to "Forms for eFiling" which has copies of the Original Notice FED (and/or MJ) that you'll submit, along with a Verification of Account (for each tenant). https://www.iowacourts.state.ia.us/Efile//Once they accept the filing, you'll receive the court date/time back from them.

The local reia gave a couple of names, but I don't think they were familiar with those transactions since I received no response.

What is the typical % of profit split in this type of scenario?

I've seen similar promises here in NY and it turned out to be 2 Loans - Loan 1 was a credit card cash advance and the second a more typical hard money loan.