If the numbers were great then it might be worth the trouble but the numbers just are not that great...

I'd probably freeze-frame the entire transaction, and keep all contingencies in place, until the trouble tenant is physically moved out.

Takes some effort but produces good returns.

I would think the first thing you would want to do is get your money together so you can close on your deals.and if you can't then get a license as act as a broker and build a career.. its sad so many get talked into this.. 99% will never do anything.. they will pop on here won't know how to close a deal will blow what little discretion cash they have on marketing with no closing skills..granted some will make it work but those are folks that would usually succeed at any thing they try and they have good jobs with income.. this facility that wholesaling is how you build up capital is really out there.. you also need to pay your taxs I bet many get in trouble with IRS .. when they start getting checks  ( If they actually do get one)  do you think they take 20 to 30 and put it aside for income tax or pay their quartiles  ???? 

I guess, however, I'm having some trouble defining what is profitable or understanding how it would be.

I don't know about your area but in Ca theres a law called the implied warrenty of habitability in short it says that in order for you to collect rent that the rental must have running water, the ability to produce hot water plumbing trash bins pest free, electrical service heat source and so forth.

Not worth the trouble.

If you buy it as an LLC you will probably have trouble getting a 30 or 15 year fixed especially if the LLC is new.

Potential to go very bad when he runs into trouble and assumes he can simply stop paying a good "friend".

I'm having trouble deciding who to give notice to.