My ultimate goal is have protection layers around each property I buy.

More info on these areas can be found in The Ultimate Guide to Grading Cleveland Neighborhoods.

Ultimately what you start with depends on where you want to end up and what you're able to do. 

Account ClosedIf the property is your personal residence, as you indicated, capital gain up-to $250,000/$500,000 may be excluded depending on your filing status.However, since you are doing seller finance, the interest will be taxable and not eligible for exclusion.ExampleYou have a personal residence that has a basis of $100,000.You agreed to sell it for $350,000 with a note indicating that the buyer will pay 4% on balance not paid at closing.So ultimately, you are getting a 4% interest which would be taxable every year until the note is paid off.

While my ultimate goal is to replace the cabinets I am unable to do so right now.

ThanksNote: I have not done a wholesale deal before and ultimately I am just trying to understand the process.

The OP is doing his research to make an informed decision, which is ultimately what all investors do and need to get better at.

You'll benefit a lot from reading the ultimate beginner's guide.

In case you are interested - I wrote about my experience finding mentors in this "Ultimate Guide to Finding Incredible Mentors" - I hope that it helps you with your search!

Ok, now that you have taken your initial step, below are some quick links to get engaged.Since your interest lies in wholesaling, I added two podcasts and a blog that will answer the question you posed.https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/ (Ultimate beginners guide to wholesaling)https://www.biggerpockets.com/renewsblog/2014/10/09/getting-started-real-estate-wholesaler/ (BP Podcast 091 Wholesaling)https://www.biggerpockets.com/renewsblog/2013/10/31/wholesaling-podcast-mike-nelson/ (BP Podcast 042 - wholesaling) http://www.biggerpockets.com/startherehttp://www.biggerpockets.com/meethttps://www.biggerpockets.com/alertsHow to Use @Mentions on BiggerPocketshttps://www.biggerpockets.com/ruleshttps://www.biggerpockets.com/termshttps://www.biggerpockets.com/inviteshttps://www.biggerpockets.com/perkshttps://www.biggerpockets.com/forums/categorieshttps://www.biggerpockets.com/courses/a-beginners-introduction-to-real-estate-investing (video courses)https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)REI can be very daunting, but, before you go searching for that 1st buy, please take a few minutes to bone up on the tips in link below.https://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/REI books suggested by BPershttps://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REI)http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?