The income to purchase ratio applies broadly to SFRs and not condos.

@Matthew GreubelQuestions to help define your situation...  

Do your research, find reliable vendors, pick a good market, have a clearly defined strategy and you can make it work. 

You need to define your comfort zone.It's very, very rare that an investment which you think is past a certain risk threshold is worth your overall well being even if it might be more financially lucrative.

Main thing is to make sure you have a clearly defined scope of wok and you lay out clear expectations of what you want done and when it needs to be complete. 

The are he purchases in has cap rates of 5 and it is rare to find a 6 cap, the price he pays is a consideration, but doesn't define the deal.

Sounds like you have some pretty broad experience in real estate.Lets stay on track with saying "Hi", folks, not making deals.

I guess for starters, define wholesale.

That would definately raise red flags for me.

Real estate investing is so broad.