The hope on this is to eventually use the income made off of the first rental to acquire another one, and so on. 

we eventually refied after only 9 months with a significant noi increase through fannie becoming cash on cash plus a sizeable non taxable event along with 5 years i/o at a very low rate which allows for a healthy cash flow

That includes the mortgage, the insurance, if there is any electricity the landlord is responsible for, if the landlord is responsible for any of the water and sewer, not all of those bills might be every month, some might be quarterly or twice a year like the insurance, and a small percentage set aside each month for vacancies, maintenance, and eventual capital repairs.

You are also lulling yourself into the false idea that she will "always pay eventually."

Eventually everyone pays up and we do have to evict 2-3 per month unfortunately.

I was eventually able to find a CPA (@Daniel Hyman) who specializes in real estate and charged reasonable prices.

She then stated that she tried them, but it’s the actual toilet that is causing issues as the flush handle does not pop back up suggesting something in the back part of the toilet needs to be replaced eventually and that overall the toilet is old and needs replacing, which eventually yes it will.

I am trying to wholesale to get my first sale and eventually pay my fees to get my license back. ok now for the questions:1: Can I use a traditional 1-4 contract to acquire my first deal or is there a specific contract I have to use instead.2: what is the most accurate way to determine the rehab value. 

For anyone who may end up reading this, as a follow up, (1) auction.com ended up not requiring the full $2500 deposit, since my purchase was less than the deposit requirement. (2) It took about 2 months to get the deed, because CHASE had a pre-foreclosure on it at the time of the auction, and so they formally foreclosed and then eventually got the deed, which they then eventually signed over to me. 

You saved some money initially by not going offshore immediately, but eventually you get the same pro and con of offshore.