I would do all of this before you buy anything.Also, your initial short term plan, as described, will probably the most expensive, most time consuming, and longest to complete potential plan you can choose....and, don't do your own rehab. 

I plan to keep this property forever.

And if you purchased a market value policy in this scenario, your property could burn forever and you would never receive more, than the replacement cost, if the property were repairable.

We know this is a lofty goal, but by taking baby steps and calculated risks, we believe we can at least build a business from this, allowing us to leave our life-consuming day jobs. 

These 2 bed rentals for 1000 plus will not be viable forever.

Showing is time consuming so we save that for much later.We ask how may animals, how many people, employer, income, where do you live now etc.

It wound up being a lot more complicated, expensive and time-consuming than I expected but it's finally done.

If it is demonstrable you contracted in bad faith, the contract itself would be void.If the contract clearly indicates you really have no intention of purchasing the property, you could be seen as acting as an unlicensed agent ... particularly if you establish a pattern of such transactions.Traditionally, in business, a wholesaler acquires a good, then resells it to the retailer - who in-turn sells to the consumer.  

Keep in mind it's not a forever "decision" nor does it have to be an "all in" decision. 

  " I am buy and hold forever"   "I am a Cashflow investor"  " I don't expect appreciation"  " Appreciation if gambling I am not a Gambler "  "Appreciation is icing on the cake "  these are the most common things beat into investors heads these days. and then regurgitated..