Storage space in these units are at a premium, so I'd like to maximize this space but I'm drawing a blank here.

The 2nd lien holder can rent out the property, or subsequently, sell it off.If you choose not to keep the 1st lien current, eventually, they will most likely foreclose against you.

I've bought supplies/materials.Or could I draw up some agreement to continue on and treat the property as my own instead of stopping to get this all worked out?

Wholesalers focus on a multitude of customer segments so if you haven't determine what that is, you need to go back to the drawing board.

You can get the whiteboard drawings on Fiverr.com for example for $5.Also they claim they provide 15 backlinks per month but I guarantee 100% that they are trash backlinks that may even hurt your backlink profile.I've been in this game for a long time, and I would say this is a service you should steer clear of.

That is where I will draw my ideas from.William

I personally foreclosed on over 200 investors who walked because the properties were not performing like they should have pre 08... so it was all across the board.. just depends on when you bought.. and what your debt load was.That is a great point.I guess you have to draw the line between "buy and hold" investors who are really just speculating and hoping the property appreciates while bleeding money each month, and the ones who are in it at the right purchase price based on fundamentals.If you buy everything based on solid fundamentals (positive cashflow after ALL expenses, reserves, etc) - the market swings of value don't affect you as long as you can keep your units full. 

Real estate is one of the few things I am really passionate about, a result of helping my parents out with a rehab project 10 years ago and the subsequent management and expansion of their business.Now I am ready to try my hand at investing after agonising, decade-long wait, and my parents and I have had our offer accepted on a 5 unit property in need of renovating.

You must also remember the quote you get now will be lower than what you will have to pay in subsequent years.

Why do you think this is a good location and what is your subsequent plan for the property?