what are the positives and negatives of this?

My plan is to sell the property for $170k as soon as the market allows but until then, I would like hold onto the property and use it for the positive cash flow until it sells.

The way I see it on the long term side, if I paid 8% annually or $11,200 , my taxes are $8,000 , I should still have a positive cashflow of close to $1000 per property.

If this is owned by a small local bank that maybe did a portfolio loan before foreclosing, then maybe the bank foreclosed but kept the tenant since the bank knew that the property had positive cash flow.

Everyone is different, but if you focus on the 'wins' (or positives) the negatives are less imposing.

So I feel that Flipping/Wholesaling is the direction I want to go, using hard money loans and eventually leading us to purchase a multifamily unit in New York using an FHA loan so that I can live there and continue working in a firm, while living in a property with a positive cashflow.

Although, many on this site report positive outcomes.I could use a word of wisdom on how one proceeds with this venture without making predictable mistakes.I would greatly appreciate feedback on the proposed deal:Sale Price $980,00Price Per Unit $35,00Price Per Foot $41.26CAP Rate 7.1%GRM 4.86xBuilding Size 23,750 SFLot Size 43,124 s.f.Year Built 1969City Desoto TXGross Scheduled Income $201,424Other Income 703Total Scheduled Income 202,127Vacancy Cost (28,610)Gross Income 173,517Operating Expenses (103,682)Net Operating Income $69,836

as far as End Buyers are concerned, how do I best secure my position with out having this person go right to my buyers directly.The wholesaler states that the bank is not allowing him to provide all the details about the properties until PFO & LOI are received (hence question#2) and with the amount of properties that he has at the moment for me to help him with, and REO's can't be assigned, how do I structure my agreement with buyers to secure my fee?

All the income I produced during that year plus my normal salary was set aside so I would be comfortable when I finally made the switch.

#3 You could also talk with a few neighbors and get their honest feedback as to positives vs. negatives in living there. #4 I think a local realtor could also effectively weigh in on the value of the property as it relates to the school (ie resale value after flip or down the road).All the best!