This cost will increase with the quantity and price range of deals you broker)MLS Access: $720Dues (Local, State, & National): $700State Filling Fee: $25 (When your a broker you will need to create some sort of business entity as well.

I've not heard anyone projecting a bounce back yet either but I am willing to keep on looking at properties below the 200k range.

If your numbers are correct, having sufficient knowledge and experience, you're fine, especially considering the down payment.

You should be in the range of 30% discount for wholesaling.As far as wholesaling Short Sales, I strongly advise against it unless you have a lot of experience with difference short sale servicers.

Hello Scott,Since these are typically short term loans I would recommend something in the 6.5 to 9.5 percent range depending on the risk.  

The fees for a normal straight exchange should be much less than a few thousand.  650 - 1000 is  a pretty normal range.

(Servicing fees for a performing loan are generally in the $15-$20/month range.) 

I also tried googling other parcels currently on the market but the numbers range from $46k-$400k.  

Memphis can be the best market in the world, but it can also be very challenging if you are not intentional on the front end.We manage properties (mostly single family, duplexes, and small apartments) in 40+ zip codes in the greater Memphis area (including Eastern Arkansas and North Mississippi)  and the rents range from $2,000+ down to less than $500.  

I talk about ways we generate leads, how much leads can cost (double those #'s for LA), and why you want to develop a consultative approach - offering your solutions (buying, listing, etc.) as a range of opportunities to solve the seller's problem.