In one of the early podcasts, a wholesaler who's name I forget made the very important point that wholesalers actually need to get better deals than say a flipper because there needs to be profit for both the wholesaler and the flipper instead of just the flipper.

Here's an example: Let's say a property is worth $100,000 and needs $0.00 in Repairs.

So the point really was on the one hand you can lock in low rates on say a B class property (say $75K ARV) and lock in rental income at say $2.3K after mortgage payments  and reserves (17% COC return before mortgage payments).  

Further let us say a code enforcement official found out about an illegal multifamily unit.

Suppose, you take a property with a fairly low margin - let's say a SFH that you can purchase for 100K, that will rent for 1200/month.

Since the underwriting guidlines "suggest" that the last sale be investigated and considered, I'd have to say (as much as I hate to say it) that the request is valid to conduct what has been established as prudent lending requirements.

However your planning on financing say a foreclosed home?

It seems like I read a lot more about the multi-member scenario here.One scenario in particular might be one 'long term managing' partner (me) and others that might be more 'short term'.... say a 5-10 year loan.Thanks, Dan Dietz

Listen to what they have to say as it might come in useful, but know at least the basics of what's going on with title and debt when you make an offer.

i grew up 3 hours north of milwaukee, but migrated west. the fact you're choosing to invest in income producing RE (vs say a cool sports car), is certainly what will get you closer to your goals more quickly.my 2 pennies...SFH vs multifamily: could be debated either way.