Hey everyone, I have been doing driving for dollars lately in my local area and I have found a good amount of homes that look distressed and could be good opportunites for wholesale deals.Today I called one of the owners of the property and she said it was her fathers house who passed away and it was near the lake so it has a lot of upside, but it had some flood damage to it.She said she wasn't in a rush to sell it but if the offer was good she would consider it, the thing that kinda confused me was she said the house is nice but the property value and the lot was where most of the value was.

@Jay Hinrichs I can post to craigslist directly from my phone, or upload it to a cloud service like dropbox or Google drive,and then post from anywhere.

If you factor in ~$200 in depreciation (random number since we don't really know what your depreciable basis or land allocation is), you are looking at taxable income of $133 but you received $333 in cash.Often times a "tax loss" occurs when you have monthly expenses that bring your taxable income close to zero, and then non cash expenses like depreciation and amortization further reduce your taxable income below zero, creating said "tax loss".disclaimer: been working a long day today, so please feel free to fact check my math :)

Unless you are looking to buy and then sell quickly, market crashes shouldn't be a big factor into your property investment decisions.

Factoring in the mortgage, I came out at $90.68 (526.27 Net Operating Income - $435.59 mortgage) as my monthly cash flow.So here are my questions:Am I correct in thinking that I can finance $100,000 to cover my cash in, and use the difference between the appraised value and the financed amount ($41,000) as the minimum 20% equity to stay in the property that is needed by the bank? 

It is likely that your real estate agent has contractor contacts that you could leverage, or you could even "drive-for-contractors", as @Brandon Turner says.

Figure out how much it would cashflow as a rental, with factoring for vacancies, cap ex, repairs, and management, and hoa.

I made a list of Probates, Pre Foreclosures with Equity, Pre Foreclosure without Equity and Non Owner Occupied, in Miami.I went "driving for dollars" for vacant homes and now I'm ready to start marketing and reaching out to them.Altogether I have a list of 1,011 "leads." 

It's the silly little questions like this that drive me nuts!

If you are not going to visit the area, find someone on BP who is local to the area, pay them $500 to attend the inspection and drive around the area and end you pictures / video.