You can then calculate to the n-th degree the rest of what you can only guess at, but start with the known knowns, and the 1% and 50% rules (the latter of which Simon touched on).

At the same time though, I want to maintain some degree of passivity so I can have a full personal life with my wife and kids as well, so that may turn out to be the limiting factor.

So glad you saved that $33k...much better used to finish out your degree and/or help your dad.  

The laws vary state to state to some degree, and attorneys representing lots of hard money lenders have done more research on these state nuances than a typical real estate attorney. 

As a result, the list should be cleaned up to a very large degree within the next few days. 

BTW temp that day was 9 degrees. 

I don't think he works, but he has a masters degree.

To make it it scalable you can always seek returns that are 2 or 3 dollars of net income per every dollar of debt service so that your borrowing propels you forward 2 steps or more so that risk is mitigated to a certain degree. 

That way, if the wholeslaer doesn't come through with a buyer, the seller will be compensated to at least a small degree.  

While that can be pretty easy given its just a matter of looking at comps and to some degree, listings too, the hardest part is in figuring out rehab costs.One.