Both units are essentially in shell condition.

My debt service would essentially be equal to my  monthly NOI.  

Unless you're closing on your wholesale deals before marketing them, isn't what this seller doing essentially what you'll be doing? 

For example, if you were to have a credit card and use it for everyday expenses such as groceries, gas, etc... you could use it essentially the same as cash or debit card, buy your necessities, set the money aside and pay it off.  

Essentially, you will become your own advocate.

A Trustee holds title.2) Interests are apportioned amongst the various parties you mention.3) Due on Sale negotiations with lender take place.4) Ownership interests are shifted according to who's paying whom and in what amount and when.Be careful of gifting and lease option elements.

I wrote an article on it and I think it's worth reviewing: http://www.biggerpockets.com/renewsblog/2014/12/23/investing-out-of-state-essential-items-to-vet/

Because they have no intent to purchase, are they essentially just acting as an agent.

Having an understanding of the foundation and essentials of RE  is critical.

To loan service you essentially have to become a bank, insurance, bond, assets to cover lose, litigation, book keeping, disclosures and notifications.