The few people who have tuned wholesaling into a business have educated themselves extensively in both real estate principles in general, and their particular market niche in specifics.

He is collecting in total $4500/mo in rent from that property.

In Dayton, you can challenge the assessments and if you are buying under market and very aggressive (paying an attorney to challenge assessments every year) - you will probably pay about 15% of your rent collection in property taxes.

My favorite way to collect property is to buy as an owner occupant and then move a year later and do it again. 

I figured the extra time indoors would be a good time to hop on BP.I don't work extensively in the residential world, so I don't have any referrals to offer, but I do know a decent amount from experienced investors and it's been said to me many times that, when starting out, it's best to build a portfolio of a few houses that you manage yourself so you can leverage the larger amount of business for decent prices with PMs and so you know how to manage the manager so to say.

and the neighbors house that also has extensive fire damage is about the same size.

We are nor panicking instead trying to think though some scenarios and communicate/plan on paper . 1.Ownership:1.Create a “Medial Power of Attorney” to take over decision control if any/all owners get sick 2.Communicate ownership delegation with property manager2.Property Manager/Other Employees:1.Communicate CDC requirements 2.Outline and agree upon rent collection work process if city were to shut down 3.Outline and communicate a call tree identifying repair personnel 3.Safety:1.For employees: Release funds to buy protective gear while working within premise 2.For tenants: Communicate 2 times a week with CDC requirement as COVID19 is a REPDI development 3.For Owner: Identify all elderly tenants and communicate with them to call CDC if they would show any sign4.For Owner: Identify companies who does preventive medical grade clearing if any cases to be identified within premise. 4.Insurance :1.Confirm with current insurance to avoid and potential liability from owner to tenant negligence perspective 5.Operations:1.Review plan for marketing to get tenants if people were to leave during outbreak 2.Review plan for eviction during shutdown (if any) 3.Review cash position: 10 months cash supply covering 10 month of debt payment .

He may not actually have a license and in that case he can't collect anything and could be subject to sanctions imposed by your state for contracting without the proper license.

The repayment terms for a 401k participant loan are equal monthly/quarterly payments of principal and interest (typically prime plus 1%) over a 5 year term (longer if used to acquire your principal residence).Please note that if you take a full $50,000 and then pay back the loan, you can't take another $50,000 until 12 months after the first loan was fully paid back.Per the loan offset rules that went into effect with the 2018 Tax and Job Act: if you leave your job and the loan is current at the time you leave your job but then the loan goes into default because you left your job, you will have until your tax return deadline (including any timely filed extension) to make the loan current by depositing the outstanding balance into an IRA (and thereby avoid the taxes and penalties that would otherwise apply).Please keep in mind the multiple loan rules:Under those rules, the sum of the balances of a participant's outstanding 401k loans under a single 401k plan (using the highest outstanding balance of each loan over the last 12 months) can't exceed 50% or $50,000 whichever is less.

Seattle area has halted evictions and they are attempting to halt rent collections.