First things first... figure out whether you are looking at a foreclosure (owners still own it and are potentially still living in it) or an REO (property has already gone through the foreclosure process and is now owned by the bank).

Also buying one and living in it makes it your primary residence allowing you to potentially get a lower interest rate and a lower down payment. 

Below are some things you may wish to consider, as to which Corporate Enity is best, for your Business Model as well as your REI Goals and objectives.Flipping PropertiesIf the primary objective of your real estate business, or one of your real estate businesses, is to buy, potentially fix up an existing property and resell it within one year, the Internal Revenue Service can consider that to be an active trade or business.

While I believe the laws are federal, and therefore the same everywhere, a local professional with extensive experience in the area will be able to tell you based on the type, age and location of the property what your potential risk would be and the minimums required by law to have it taken care of, if necessary.

There's a lot more potential end buyers than I anticipated.

By the water is always more desirable but wanted to avoid losing my profits to potentially higher premiums. 

Further more, you can go through our forums https://www.biggerpockets.com/forums and you can find some helpful advises there or can post your queries there so potential members can answer to you. 

Was the seller aware you were wholesaling it, and showing it to potential buyers?

I've got a friend back home who has their Real Estate License and has expressed interest in teaming up with me to work a deal.Asking Price: $117,000Offer Price: $75,000Rehab Costs: $25,000ARV: $140,000I did a little simple analysis on a potential flip property.

Unfortunately once a secured creditor becomes aware of a potential sale or refinance, they are not likely to compromise... unless the situation can be presented in such a way that this is a chance to get paid something rather than zero.The theory behind my initial comment is never wake a sleeping giant ... judgment creditors often forget to renew liens.