So does that mean I can't buy from a related party at all?? 

If you are using it to buy a turnkey property which needs to produce cash flow to be considered a viable deal how does buying turnkey(Little to no cash flow) combined with HML(High interest only debt) make alot of sense financially? 

REALITY CHECK: THIS BUSINESS IS HARD.Wholesaling and buying houses off-market is a sales game—and sales is brutal.

If you're in a high-cost area, consider out-of-state markets where you could buy a rental property outright. 

Essentially he wanted to live in his own place but didn't have the money and I figured buying a house with him at the time was a good investment.

I'm interested in flipping, and short-term rentals at the moment to build good cash flow, then pivot into more of a buy-and-hold/appreciation play 10-15 years from now.

I  Income:  The amount of property you can buy will be dependent on your Debt to Income ratio.  

What type of property do you plan to purchase(Single, multi, commercial, etc) and where do you plan to buy it?

I also got great value from a very expensive course on how to properly buy & manage residential real estate.Regardless of cost, the ones that offered low value were the ones where the founder wanted to sell education as their main business. 

Keep your focus on how many crappy properties you can buy each year, instead of buying fewer but better properties.