There have been some upgrades, like the roof, paint, kitchen appliances  etc.Now what gives me concern is that my realtor has a wait for the right buyer to come along strategy.  

If it's a smaller older home that is going to be a truly entry level home for an FHA buyer and will sell for less, than you can probably do a nice reface and save yourself a few thousand.

Show we just save up a down payment once we clear our debt and go the FHA first time home buyer route ?

I'd say it's been about 100% those who've asked fail my prescreen/screening criteria.

I got it for 220k and sold it to my buyer for 260k thinking ARV was 550k.

hey just some advice from a plumber ive been doing plumbing for 5 years nowyou said you had a iron sump pit, likely the pit is beginning to corrode and thats the cause of the iron deposits, now a days most pits are made from composit plastics ,another possibility is the piping could be the cause if its a metal pipe [iron or galvinized steel ] it could be contaminating the water being pumped out, again most pipes now a days are PVC either sch 40 ,80 or ABS to prevent this issue, it could be the pump is corroded and failing but if its working i doubt that its that ad if the pump was that bad it likely would have failedother than those the only other thing that comes to mind is that it could be something in the basement that is made of iron or steel that is in the pathway to thw water on its journey to the pit.hope this helps

Could you find a serious buyer with deep pockets looking for a great financed deal that could pay you a wholesale fee?

I have a potential wholesale deal lined up but I have an out of state buyer who says he’s interested.

That's not bad for a two year hold being a first time buyer.

I started out doing Fix & Flips and then moved to buying Subject To and putting in Tenant Buyers who do all of the fixing.