Cap rates are a function of risk; just like any other investment as the returns increase, so does the associated risk.

My issue is that the Wholesaler did not perform any realtor functions so I would have liked to state my realtor as the buyers agent since I was buying directly from the seller. 

You can create your list through visual identification, and/or through getting lists from your title company. 

If you think of it as "Acquisition" price in a sense that you are acquiring a functioning business then you would probably have a better idea of what costs to include and what not to include in the "Cost" or "Purchase Price" of your "Acquiring" the property .

@Chris Seveney Perhaps he is seeking to passively invest (no management function) in real estate in Alabama...

We have a couple properties that are SFR, but functionally duplexes.

NP leverage is a tough thing to wrap ones mind around but its how most businesses function.

It is not functional so instead of fixing it I plan on removing it completely and filling in the area with grass. 

I usually use Edina Realty but have used others before as the search options will change and some might have better search functions. 

I could see realtors loosing a majority of their function for facilitating sales outside of being buyers reps.