Quote from @Adam Macias: Wholesaling as it is today will be a thing of the past.It’ll truly be strange to even hear people and gurus trying to make big money off it.The more people try wholesaling but then end up not having an end buyer or cancelling contracts or trying weird things like novations, the more all of real estate will be regulated and cause requirements like licensing to be able to transact more than just your personal resident purchase.Which I don't know why hasn't happened sooner.Here's all the states (in red or yellow) requiring a license to wholesale or at least have started the process:Credit: REITipsterI think licensing and regulation is a beautiful thing that should happen if you plan to be an wholesaler and do more than one deal... which is going to be the case for anyone taking this business seriously.Or even it being regulated to need a real estate agent to do more than one deal outside of buying a personal residence.I've had plenty of failed attempts with agents in pursuit of wholesale deals and I know exactly why, it's not because the agent couldn't find me deals, it's just not practical to think there's opportunity for the numbers a wholesaler needs to make a profit on top of everyone else needing to these days.Because the only sellers who truly can sell at a deep enough discount are usually those who ran out of time and just didn't do something sooner with their situation.I know many coaches and gurus will disagree with me but there’s no regulations on youtube gurus and what they teach either.If we look at the current state of the market in hot cities, the availability of online resources to the average homeowner, how many deals can you possibly believe are available at 70% of ARV?

Anyone that is looking at your assets is always going to need to factor in property management, so you can show that as a real expense (and really make it as high or low as you want).I work in a vertically integrated real estate and development company, and I cannot imagine how things would run if we did not have an internal property management company that essentially works for the other companies but also stands on its own.

Purchase price: $105,000 Cash invested: $90,000 Property needed some serious rehab, from trees roots destroying the basement walls, to plumbing, electrical, to roofing, landscape.

I am seeking a partner with significant financial resources to help bring my vision to life.I am open to any advice or ideas you might have.Thank you, I agree with Jay, you will not find a lender to lend on this type of project but you are going to need to bring in an equity partner.

say you find a solid property in a low cost market for $200K and you buy it.between down payment, closing costs, rent ready / spruce up costs, and lease-up costs, you're probably going to need at least 50-65K in cash. 

We currently have roof done and siding up. 

I know there is a lot that I'm going to need to learn, and ultimately it will come down to how much the student puts into it.  

By this logic investing in a new roof also doesn't make sense.

My property has new roof and new sewer and all tenants have renters insurance.

New roof negotiated into purchase.