I think selling is probably the right move as well, as the $200 net income a month may not be worth the headache of managing the property, and any damage a renter may cause.

Form an addendum that Jack and Jill sign where Jill acknowledges she will be taking over for full rental payments, damages to the property, and security deposit (would not recommend giving half back to Jack you could argue this would cover him getting of his lease agreement early).  

One thing I did was get my own insurance policy and glad I did because I incurred 12K worth of water damage about a few months later after the transaction.

Is it state law that water and sewer be paid by the owner? 

They resist water and rot better.

You will either spend a lot of time or some money to be a successful wholesaler, however if you can get roofing repairs done at a significant discount you may want to try and target homes with roof damage that an owner may not be able to afford.

There is a clause that basically says " any delays that are caused by the customer or any other contractor on the job resulting in loss of time or delays or damage will be billed as an additional cost to the customer at XXXX  $ per man hour plus materials .  

I have picked up $1600 refrigerators for $500 and all the damage is to the back side that was not even seen.

You most likely will have title costs, possibly attorney costs if in an attorney state, tax adjustments (costs or credits) water/heating fuel adjustments, some states have transfer fees, any lending costs if you have a loan, and I'm sure there are costs I'm missing.

When I went to do some measurements last week, I found a possum behind the water pipes behind the bath.