New to Wholesaling/Rentals and may have 1st deal Help!!!

[Alec Rosario]

Hello, my name is Alec and I decided to get into the real estate business as soon as I heard that I didn't need a license to make money with it. I've listened to a bunch of bigger pockets podcasts and have started marketing myself immediately by driving for dollars and calling for sale by owner signs. In my marketing and prospecting I have found a HOT LEAD through a for sale by owner sign. My first conversation with the seller went really well, I think... So my question is I'm not sure if my numbers are right in my BP rental property calculator.  I'm going to try and describe the variables and I'm sure one you geniuses and gurus will see something that I'm sure I'm missing. 

FEEDBACK: I'm probably not using the Calculator right but I wish there was a way to side-by-side by different options. But maybe there already is that capability and I'm just a newbie.

Details: The property is currently listed for $229k but hasn't sold at that price for several months. It's a 2500 sq ft on a corner lot. Great area, with excellent school district. Has two separate units with a garage per unit. After a single walk-through the seller has brought down their price to $205k for me as a right place right time happenstance. She's motivated to sell as her job is making her travel across the country in November and she wants this resolve before then (today is 9/26/17). She's currently got one unit leased out at $1,100 per month and is currently marketing the second property for $1,250 but has not found the second renter yet. She's a former Mortgage Loan Officer and this has been my area of study for about 1 1/2 weeks so I feel like she's the smarter one in the room. Lol. Condition of the home is very good. She's owned the property for the past 10 years and done a great job keeping up with it. I would not need to put any money into fixing it up at least initially that I can foresee. In my research of comps (I've got a realtor sending me actual comps) there is a property right across the street listed for $170k and it's not a duplex with around 1700 sq ft as context. The average for this zip-code (according to the ever high Zillow) is $229k. 

Here are my variables. I have $2500 in cash ready to for Down Payment (obviously way short of an actual DP). But could grab family money as a loan to that family member potentially pay them some interest on their money. But our household income is high enough to accomplish either living there and paying around $1300-$1500 if we had to either to my hard money lender or the mortgage and utilities etc.  I know I want to be in the real estate business for the long-term and I see rental's as the way to do that but I'm leaning toward this being a short term to get me to long-term just not sure how to decide which way to go. 

1. Is a wholesale possible with this slim of margin? (I can conservatively say that if someone does just the significant updating the ARV could be somewhere between $240k-$250k dependent on how much energy they put into it. That number is a pretty average number in the area for single family. I'm just not well versed for duplex's. If I were to wholesale what can/should my margin be? How do I find someone at this price range who is willing to buy? Should I just go for putting it under contract and see what happens, (in the paperwork stating that our transaction is contingent upon my finding appropriate financing)?

2. If I bought it and rented out one side and lived in the other would this be more efficient. I eventually want to replace my wife's and my own income and my 2 year goal is to have 10 rental properties but I feel like I may be getting in over my head starting with this as my first rental. Especially not having enough as a Down Payment.

3. This being my first one, I don't know the state specific paperwork that I would need to put under contract if I wholesale. Any direction as to Lake County, Indiana paperwork for assignment and putting under contract. Help?

Anyone know any Wholesalers or Real Estate Investors in the Northwest, Indiana area that might have be able to give some face to face guidance. I'd be willing to even share some profit in order to make it happen...

Sorry for the small book but I don't want to miss an opportunity that feels like it's smacking me in the face...  HELP!!!