Tankless water heaters run only on-demand and require a tremendous amount of power to heat water quickly.

Yes you will have to set up a contract, usually that is something to approach if the property wouldn't be sold otherwise most flippers want to get in and out of a property as quickly and with as little hassle as possible.

My situation is that I had set my eyes on this house which is only accessible through Hubzu.

I can't imagine a more frustrating and dangerous scenario than to try to invest in an unfamiliar area that meets your financial proformas but where you don't know anybody, have access to on and off market opportunities, have relationships with trades people and property managers. 

I will just inform the tenants to keep their stuff on the first and second level while they finish the bedrooms upstairs. if there is a delay hopefully it will just be 1 day of not having access to the bedroom.thanks again for the advice I'm sure you all just put money in my pocket by keeping me from putting carpet back down.

and a quick 5-10% correction wouldn't be out of the question.

I have the opportunity to buy a property with owner financing and 20% down.How quickly after a purchase could I refinance out of that Owner Financing to a traditional mortgage?

Depending on how hot the market you are targeting is you will need to be prepared to move quickly when a property you like comes on the market.

I understand that there's a bid process with the general contracter for a 203K and I wonder if that would cause issues with the wholesaler's timing with the current homeowner in terms of how quickly they are commited to close by? 

@James Peterson Welcome.Some quick pointers 1) it seriouly helps to have a profile picture 2) add in your profile your city, there are tons of people on here from your area probably and it will help them connect with you 3) what are you looking to learn about?