My mother in law is a Delray resident in fact.

Also check with your state laws concerning private lending, the SAFE Act may apply and check on any usury law issues.

Be aware there are federal laws concerning approaching people in foreclosure, so don't go at it as if you are going to stop or solve the matter for them, just keep it as a sale inquiry. :)

We do not want to make this a primary but we are willing to move there to ensure we are able to acquire it, then we plan to sell it as soon as the law allows us.

Not only check what the lease states, check the state law.State and Federal laws supersede anything contained in a written agreement.

While I can not specifically speak to Tennessee law, I cannot imagine that wholesaling done correctly is illegal.

Mortgages have rules, those rules are backed up by regulations, those regulations are covered under laws and violating any rule can result in big problems

However if you are not going to be living there and its strictly an investor's purchase then conventional lending is very likely not an option and you will need to seek hard or private money to finance the purchase then do that and secure the verifiable proof of funds first.

Most barely know parts of the law.

Check the state laws and with your local health department.