Instead of looking at the "equity" (which only makes sense if the market continues to rise and doesn't drop) look at the fees/monthly payments and how comfortable you are with paying that amount (even if wholesaling business slows or your house is suddenly no longer worth the mortgage you have on it). 

During the election, Florida also voted to require a 2/3 majority vote on any tax or fee increase proposed.

You then use the LLC for all transacting and are not hampered by the paperwork, delays and per-transaction fees of the custodian. 

The finance numbers are based on a 6 month loan from a HML at 12.25% with 3.99% origination fees.

I have caution with condo's, as the maintenance needs to be factored in and you are at the mercy of assessments and rising maintenance fees, which can significantly eat away at any cash flow you may have.

Not to sounds offensive, but everyone's time is valuable.If you are a buyer, you typically don't pay anything to the agent, unless they charge any retainer fee.

After inspection and talking with the seller, I could tell this seller really wants to sell and there are hidden problems. 

In the alternative, they think they won't be able to get it, they will be turned down as a tenant, will have wasted the application fee and one more person in the world will think of them as a loser. 

or will closing costs including transfer and title fees, etc eat up a lot of it?

Do you factor in property management fee as part of your formula to calculate Cap rate?