If you plan on living in it, that gives you a lot of time (2+ years) to fix things a little at a time, but you want to make sure it is actually livable to begin with (does the electric all work, does the plumbing work, etc...  

@Christine Mwai I actually did read through your post :)  Glad you are getting the issue resolved.Like many seasoned LLs noted on the post, I am also not comfortable letting tenants take care maintenance items that would affect property values. 

Or know when it's actually going to happen. 

As for the mentorship it is something I am most definitely interested in and actually have a friend and client (I'm a full-time barber) who has been wholesaling for 3 years now and has been great help and honestly the reason for my interest in REI.

How long from when you actually sign the property under contract do you have to close on it?

They may have an acceptable offer, and it hasn't actually been signed by the bank yet.

I am surprised from the short time I have been reading the daily discussions on BP by all the new prospective "investors" who want to jump right in without testing the waters around where they actually live.

As a mostly "buy and hold" investor, my thought on this deal would actually be to flip it and take the cash you make to buy a higher end rental.

I am working with a local lender-actually a guy I know from volleyball is a mortgage broker so networking pays off again.

Some wholesalers do a much better job of presenting and most importantly getting actual deals.