No property has only 20% expenses (OK there are exceptions to everything, triple net deals for example) and any property with 100% would be obvious.

This is still an installment sale.Other installment sales do not convey title, such as the old contract for deed, or a financed option with a lease, some trust conveyances are made after full payment has been made.What is was referring to was the implied comment as to holding title as an owner and having a lien interest in that property, that doesn't fly.Not really an exception, but an example, I sell you a 1/2 undivided interest in a property, I may still have an undivided interest but I may secure your interest with a security agreement, my lien is not to the interest I hold but rather that held by you

@Conor McCahill  I am building 7 units in Sloans right now, Pricing was about $160 per ft including everything (engineering, Architect, construction, tap fees, permits, etc.) except the land.

the cost to be a wholesaler is almost nothing except your time, energy, and effort (and a little money for marketing)   but you usually wont make as much as a wholesaler as you would as a fixer/flipper... not do you deserve to as your risk is much lower. :)  

Every tenant except one came through craigslist.

I would think this could get the point across that this is a business deal and not a handshake among friends.This is as professional as it gets, and frankly not much different than our model out here, except we won't do business with our friends or family.Much as I'm not a fan of doing business with buddies, this is water under the bridge for you, Michael, and it could work our well.

Your approach is exactly who my wife and I started (except for the VA part).

There are exceptions to the rule but this is just what I've been witnessing based on who I talk to.   

FYI, the tenant would save $400 per month if they took our offer of $75K based on what they are paying for rent, they pay $900, and they cover their own utilities except water.  

They are in very good shape so I wouldn't be too worried about it except there is a tinyl back porch that I want to pull off and the windows need to be replaced.