What should happen first, secure financing or put an offer on the house? 

You just haven't gone to Kinko's to make it pretty and you might not have done graphs, which I do because I like to see stuff visually.You will also need to buy it with an assement, and if the bank asks it (which it almost always will) make repairs and etcetera to secure their investment.They also might make you get some types of insurance, hold stuff in escrow.

I'm pretty sure I can't put itching powder or anything like that haha.How much does it cost to hire a security company to do one daily and one nightly patrol of the alley?

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Assuming of course that anything needs to be done at all, which I'm far from convinced of - people can get fired from their jobs at any point, but social security disability isn't going anywhere, so it's not like landlords have any reason to be skeptical of rock solid non-employment sources of income such as Uncle Sam.

I don't see your parcel pledged as security for any loan after seller acquired in 1981.

After I do get enough equity, I am looking to get into rental properties for passive income.If anyone is in the area, I would really like to connect with them and simply get some helpful tips and tricks to getting started in wholesaling.I would also like to ask, should I go with legalzoom for setting an LLC or look for a local attorney to set up my legal entity.

Please feel free to reach out to me with any information, tips, experience,suggestions on books to read or anything else.

@Mike Dymski You are right, this conversation is far better than talking about late fees and where to keep security deposits. 

Looking for tips and ideas on how to flesh out the WCAP (wealth creation and preservation), principle.