Unless you know that the property will be competitive and have a way of verifying other offers they receive that is a good way to get a counteroffer at $150,000. 

This seems like a pretty easy answer to me, but the advice I received was pretty adamant I live in my 1st rental property even if it is a single family home.  

Doesn’t mean your brokerage can’t receive referral fees for clients though.

I am talking with quite a few homeowners at the moment but need to create/receive a wholesale contract that has an escape clause and such.

The seller has provided me with a 2013 appraisal that is quite thorough and has many comps and valuation approaches, but obviously is 5 years old.He also told me that they have a recent appraisal that was done and when I asked to see it, all I received was a couple of sentences that used the income valuation approach to come to the same price he originally offered.My main question is what value does the income valuation approach have to a property that could potentially be vacant in 3 years?

Then all utilities and roads could cost 75k Then subdivided, a .3 acre lot will sell for 25-30Should I be evaluating this only by the income received, and not the cost of what it would take me to do it?

Just text me at my number below and we can schedule a time to talk. 

I'm local in Vegas and run a group here in town...if you want to connect over coffee sometime to discuss investing, just let me know and we can schedule time (text number below). 

While I'm sure some people like explaining deals over the phone, personally I'd rather send/receive them in my email so I can look at the numbers on paper.

IRS rules are very clear: disqualified person is not allowed to receive any direct or indirect benefit from his IRA.