Also these things cost money to sell - agent fees (5-6%), whatever your buyer is going to ask for at closing or try to hit you at during inspections (likely several thousand) plus taxes.

Haverhill is another interesting area with reasonable home prices and a lot of municipal developments in the works (also the commuter rail and easy access to major highways).

Turbotax isn't going to educate you so unless you'd like to educate yourself and potentially make some costly pitfalls, then I'd outsource.

I was chatting with some of my lending buddies at big banks and they are all backing away from the CRE space including office because operating costs are increasing more quickly than rents.

A good baseline is to calculate material costs (e.g., $300 for paint and supplies) and add a fair hourly rate for labor.

I have had investors pull equity from their homes in the phoenix area to buy cash flowing properties in Fayetteville and similar areas, because the price growth in the phoenix area generates amazing returns.It depends on if you want cashflow now or delayed gratification later.Keep in mind that when you do sell, there are costs to selling and depreciation recapture  and IRS taxes, which eat up most of your "equity" growth. 

Houston's diverse, and the real estate market is buzzing.Check your budget, how much risk you can handle, and what you want from the investment.Montrose, The Heights, Eado, and Museum District are buzzin' with mid-term rental potential.Research the neighborhoods, check the rates, and do the math on costs before diving in.

In any case, successful wholesaling REQUIRES the knowledge, experience, and ability to accurately estimate repair and rehab costs and time.  

By the end of 2 years, I could save 50-60k for a down payment, closing costs, and reserves. 

Only reason is I know I’ll get it back and I don’t need it right now because I’m living with my parents.