If one can make construction money by building the charging stations for investors there is a pile of money to be made until the private operators give up competing with government subsidized charging.

Find 2 or 3 strong wholesalers that are operating in your target areas by talking to people who are already investing in those areas (chances are they have used a wholesaler in the past, or are farming their own deals and may toss you whatever doesn't meet their needs), give them your buy box, and make sure you have your funding lined up to act quickly on a deal.

I have a few questions about how the Memphis Land Bank operates in practice. 

I would ask what the operating agreement says on these matters.

Hi Kevin, the closest think I can think of for you would be to have a partner who supplies the liquidity on your Operating Agreement.

However, it may be a better strategy to base your decision on cash flow rather than speculative gains.Purchase Price: $480KAnnual Rent: $2,400 * 12 = $28,800Expenses (@30%): $8,640Net Operating Income (NOI): $20,160Cap Rate: 4.2%Another point to consider: if you're already facing negative cash flow, how will your returns be impacted when it comes time to turn the property or if a costly repair is needed?

Not sure about the second rule you mentioned.1%, and 35% operational cost are the two rules you are using. 

I have had turns where things are recommended to repair based on the field operator and my property managers notes, and I would expect the professionals with eyes on the property to have the best opinion on when the inevitable concern arises. 

I also own a small renovation company that has operated in my are for nearly a decade. so my rehab cost on a property would be much more cost effective than hiring outside contractors.

It also is helpful to have a California LLC in case you ever sell that property and move into another state so that you do not need to form a new LLC altogether with new operating agreement, just re-register in the new state as a new foreign LLC.