What I am looking to do, while it fresh in my blood is to venture out and start a business fixing and flipping.

That screams FHA buyer, at least in my experience.To David's point, not only are you paying carrying costs (where applicable), but you are exposing yourself to outside factors that would normally not be problematic, such as vandalism (again, this happens more in the "lower" priced homes that are common among FHA buyers).For clarification, Mark, an FHA buyer cannot close before you (as the seller) have owned the property for 90 days.

As I've said in previous threads leverage which is what we are talking about here is like a power saw, in the right hands it is a great tool, but in the wrong hands it can be bloody.  

I'm a rookie wholesaler in the Inland Empire and I am on the hunt for those TLC/Handy-Man Special/Screaming Deal properties.

Screamed penny wise and pound foolish. :) 

That depends on what neighborhood it is in. 2 story Key West style house at $59k screams a good deal to me, unless it is in a horrible neighborhood and the termites only left enough standing so the place will not collapse. 

Gladys calls the cops.Well, all these cop cars come screaming around the corner, like an O.J. chase but much faster taking up all 12 lanes.

Last night I had a drunk regular that was cut off standing right out side of my window at 1am screaming my name.

So that becomes cash that can go into your pocket for the day when you find a screaming deal and need some cash to make it work.Or you may think about a combination event.  

Will the HML's want lower than a 70% LTV with no track record and still charge a bloody fortune?