If you put a requirement in a contract and someone fails to meet the terms, or the situation fails to meet your terms, you can back out. 

After that I get checks, money orders, and if all else fails I'll take cash. 

. % is quite small compared to the amount that attend and pay for them.. but like you said who are we to pre judge it for them.I do believe though when people get talked into paying for these courses with credit cards those folks are almost always destine to fail if they have no other significant source of seed capital to start and the time and energy it takes to be in the sales business which is what wholesaling is.. its sales pure and simple.  

@Shiloh Lundahl  with any lease option scheme you must plan for those that fail and walk away.. and leave you with a big turn over expense.. it would be highly unrealistic to think that all of these folks are going to buy  and all of them are going to take perfect care of the home.. 

They all say the same thing in the end, the successful ones are the one's who kept picking up the pencil, making plans, failing (or succeeding) and doing it again. 

You will pay a higher premium, but will not get a 1920s product that has failing major mechanicals and other heaps of problems.   

Because I don't want to fail.

Use the BP lease but like others said, explain that the lease is too protect you and your friend and only be used when diplomacy fails.

By choosing that route, you have to accept that repairs would not be done quickly and goes with the territory.One last idea: look on craigslist for 1-2 portable AC units or window units, buy them used, provide them to your tenants, then sell them when no longer needed to get back most of your cash. or keep them in your storage for next time AC fails at another rental.

Calling around to different septic tank / sewer contractors, they are telling me that a septic tank that is 70 years old will almost certainly fail a septic inspection, which kills the prospects of most retail sales.