The primary residence unit does not qualify, so the purchase price must be allocated between investment and personal use.

I talk to person after person in local RIEAs.

Quote from @Ana Mills: The high quotes for the electricians will be way cheaper than having your handyman do it and it causing damage, causing a fire, or even worse causing a fire later when someone is living there and that person/persons getting hurt because of the work being done by an unlicensed worker doing the work. 

Personally I would not go above 70% and when your done building mode drop down to roughly 50%.

Your value is, to provide sellers that don't want to list, with a way to get cash for their house and provide buyers with discounted off-market properties they can buy to make a profit on.I am not saying it is not possible to wholesale from the MLS, but it seriously defeats the purpose.Focus on becoming the person/company that offers the most and best value and you will succeed.

It is what I personally do and I help clients do.

When that’s not enough they go after personal assets, if your rental is in your personal name it’s targeted.

Sometimes when placing an offer --  the POS is not yet available - and when you place an offer you can make your offer contingent upon approval of these items... although in order to have a competitive offer in this seller's market you are basically forced to "assume" the pos violations once they become available (usually 2-3 weeks after it's been ordered) -- you should be able to tell if anything more serious might come up on the POS via your own personal inspection. 

Personally I’d do a 1031 to save $40k, I’d skip the LLC, increase the limit on my umbrella, and call it a day.

Who is the first person you call in that market to get started?