But, I have some questions/concerns after looking at it:- The report shows a $0 budget for initial repairs.

I currently mortgage a FHA single family home which I plan on renting out soon I'm just not sure on what my next step should be on becoming an investor.

This is something that definitely interests me, but I have zero experience doing so and wouldn't know where to begin on initial numbers and also the differences between the two.

None of the volunteers here can create a wholesaling business for you, you're going to have to take the initiative to build up a lot of knowledge on your own and then ask specific questions when you run into challenges. 

The only ones who can truly teach you the steps to success are those who have walked them.

So you need to get your initial paperwork done with legal counsel (unlike my example) and do it the correct way!  

So I feel 1% allows me to account for a little adjustment)Vacancy Rate = 11%Closing Costs = 2%Selling Costs = 6%Cleaning and Maintenance 0.8%Property Management = 11%Repairs = 8%CapEx = 12%Taxes = 1.2% (I tend to adjust this one frequently, but this is my default)Insurance = 0.5%Other Expenses = 0.1% (my flex money as a "just in case")Initial Renovation Costs = $500

The #'s still work if i can get it filled, but there would now be time and $ hurdles to clear before getting back to the financials I thought I'd be stepping in with.Now that the situation has changed, am I still obligated to go through with things or forfeit my earnest money?

I want get some advice as to how to find good contractors or general contractors, what kind of steps do I need to take to screen them, and what kind of questions I should ask? 

With the offer you can have seller pay closing costs, which can save you on your initial investment.Will you keep the current tenant and occupy the upper?