The other option you could do, which you did not list is buy this building, and then use an FHA loan to acquire a list in duplex (or tri or quad). 

We actually have a few investors who bought from us and now come to the market a couple of times a year to acquire and rehab themselves.  

The 3rd year he acquired 6 new properties, and the next year after that he purchased 15 more!

Obviously when flipping the point is to get in and out and make as much money as possible as quick as possible in order to acquire the next property and do it all over again. 

It's a good time to cash out refi and hold cash to acquire deals in markets once they hit bottom (most markets are past their peak and softening). 

I've heard 8% annualized is common but I guess it all depends.I also can acquire hard money loans but want to limit that if I can and just use private money and personal capital.Any advice is appreciated?

The market is pricey and it's hard to acquire properties that generate decent rates of return without having to come out of pocket with a large down payment.There are many great markets in the Midwest down south to Texas and over to the east where you can get better value for your investment capital and leverage into more real estate and get better returns. 

Wholesaling is the process of finding great real estate deals, writing a contract to acquire the deal, and then selling the contract to another buyer.

We have naturally each taken a role based on our own backgrounds and personalities.I take on the Entrepreneur role, as I envision 2 houses flipped year 1 5 house year 210 houses year 3We have our 2 flip projects now acquired in June and set to be on market by SeptemberMy partner Lynn takes on the Manager role.

This is a properyth that you own, and took the second on, or you acquired the house with the mortgages?