I let my CPA do the work because (A) hate filing taxes and (B) I have someone to blame if things aren't correct and (C) he makes my life easy. 

The property I won was the 6th one up, towards the end, it was me and one other bidder, whatever he bid, I bid $500 more.

You need to consult a local attorney and have them guide you on the correct way to "wholesale" if its legal in your area.

However, I would contend that Ontario is central Canada, not East - there's another ~2000km of Canada east of Ontario ;-) Those 1%, 2%, xx% "rules" you read about here on BP are more correctly "rules of thumb" and can be useful to quickly triage a property when you encounter it.  

You are correct in your Austin assessment.

I submit a correctly completed standard realtor PSA with all addenda and attachments.  

The correct line of thinking is "What opportunities in my network and experience can my IRA tap into and get better results than what it is invested in today?" 

I want correct insurance coverage?   

If you want to retire with RE, you might not pay any taxes if you structure your deals correctly and plan correctly to qualify for RE professional( RE pro dont have a limitation of passive loss ) . 

No clue personally I would just be talking to my guys that do this work and get bids..