It depends on various aspects like how involved you want to be, how much time do you have, do you want to do renovations and select tenants yourself or are you happy to turn all of this over to a company that does all of this for their livelihood and just grow a portfolio with them? 

Like Michael mentioned if you are just reporting on schedule E/C on your personal return- a balance sheet isn't required; so full double entry software isn't required (but still helps). 

Or to build a new one.The timing issue is only on the sale of the rest of the property. 

A basic rule I tell Colorado STR buyers is that you can go cheaper on lesser used items but not the big stuff. 

The seller backed out of the deal and didn’t show up at closing, but now the wholesaler won’t sign off on canceling the contract.Has anyone experienced something similar?

There’s a lot of potential there, especially with its population growth and strong rental demand.Since you’re focusing on single family homes and aiming for long-term cash flow, it’s smart to start by clarifying your strategy (fix to rent, buy & hold, BRRRR) to guide your decisions.

I have been an agent at Keller Williams for the last 3 years and have done a bit of wholesaling on the side. 

Quote from @Ashley Westerfeldt: Hi everyone, we are working on a deal that currently has an underground, salt water pool outside as well as an indoor hot tub.

@Mike BatorMight be interested but would need to have audited financials on the current rentals to even have our investment team consider it.

You can identify good cash flow opportunities on a fairly large scale.