All of these responses are true, especially @Arianne L. If you are talking about the deal you posted a couple days ago, I am not sure how good it was. The person that broke down the expenses for you, has done a deal a week, or more, all year. I value his opinion. I have had my butt saved by lenders that saw what I did not see, so I value their opinions. I don't recall you telling where it was, size , or other particulars, so no one is able to give you an informed opinion. If you can't get a loan, then sell the contract. The are lots of people on here that will pay you for a contract, if it is truly a good deal.
Putting together any business takes a lot of pieces that work together. In real estate you need: eager sellers, negotiators, money, legal knowledge, appraisal skills, inspections skills, project management, carpentry, plumbing, electrical, HVAC, flooring, marketing, buyers, and much, much more. If you lack in any of those areas there is another skill that becomes doubly or triply important, people skills.
Truth is nobody can do it all, and the most successful ones don't even try. Go to the REIN meeting and develop relationships with people that have complementary resources and skills. Have a meaningful conversation with at least 5 people at every meeting, and start building a team. I know a number of successful investors, and usually they have 3-5 HMLs. One HML is shy of over valuations in some neighborhoods. Another only invests in tear downs and rebuilds. Another likes deals of exactly your type, but they are tapped out because of 3 other projects. Baseball teams usually have several pitchers, and you will need to get to a place where you are deep in each key position.
I suggest that while you are building your team, you step back and start smaller. For people that are short on cash and want to get into real estate I suggest "Bird Dogging" as a first step. Talk to a few experienced investors and ask if you can help them find deals and offer to do the leg work (for free at first). They will tell you what areas to look in. They will give you parameters like number of beds and baths, or square feet, or zoning they want. They will tell you how to value a deal. You will bring them an opportunity and they will likely reject it. You need to ask what is wrong with the deal, and be prepared to learn. The next time will be better, and at some point you will have a good deal. That is the safest way to learn to recognize a good deal.
Along the way you will make a lot of contacts. You will learn how to talk to people to find out what THEY need. Keep everybody's business card! Make notes on the back of the card about what they want and what they offer. Find a way to organize them. Once you find a good deal, ask for a finders fee, on the next one. Do that a couple more times. So far you have no risk, other that your days off and maybe some gas. When you feel confident in your ability to find and recognize a deal, start wholesaling. Now you are putting your name on the paper and putting in you money with confidence, and sell it to a rental company or rehabber that you got a card from a couple month's earlier.
Then you will find an opportunity that is truly a deal (because you know what those look like now), and you think you can handle on your own. You have a little cash because you have saved those assignment fees. You now have a list of lenders, tradesmen, agents, and so on. You have all the resources you need to pull it off. GO FOR IT!
