Being based out of LA is making a lot of searching, really not fit into the 2% rule. 

While I can't say for your state specifically, as a general rule, commercial leases are governed by the contract.  

You can get a good quality neighborhood and still beat the 1% rule.  

General rule of thumb is ARV after repair value * 70% of as-is - repairs is the ballpark max offer when looking to buy.

I replied after reading the rules but my short and simple reply was deleted!

Since the applicable laws are state specific, I recommend you invest in getting the legal opinion and advice of a well informed attorney with an in-depth knowledge of the laws, rules and regulations promulgated by the state real estate commission before commencing your wholesaling business model.

So using that as a rule of thumb, if you have about $150-$200k invest you can definitely see your goals met depending on the market.

However, you cannot buy controlling interest in that LLC or even more than 30% of it (not sure about 30% but there is some guideline about it).You cannot also take any role in managing the project as it would violate IRA rules.

Is there a rule of thumb for how to go about securing deals like this?

Search 2% rule for example.