I cleaned it up, installed a new heating system, and sold it for about 50% more than I paid for it after holding for a few years. 

Click HERE - then click the MLS numberTERMS: CASH or Land Contract acceptable with 50% downHere is a condo that would make a GREAT RENTAL.

However according to the US Census Bureau in the City of Mishawaka, the owner to tenant ratio is approximately 50/50 here http://www.census.gov/quickfacts/table/PST045215/1...To also break down the numbers in one line, from the Census Bureau link, the City of Mishawaka has a population of 48,261, a total of 24,088 housing units (as of the year 2010) of which roughly 12,044 are rentals with a median gross rent of $714.00.So in summary, in my opinion, this is a strong rental area with stable economic fundamentals to sustain the tenant pool.

For those states that DO require this, the general rule is that a landlord has approximately 2 months to find a replacement. 

I could have misunderstood the 50% rule that Josh and Brandon talk about in one of their very early podcasts.  

At least 50%+ off.

Thanks for the update Jim, I will be interested to see how the rules turn out. 

Are there any laws, customs, etiquette, or general rules of thumb I should follow as a wholesaler?

The following link covers the Roth IRA conversion rules. https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-iras-rollovers-and-roth-conversions

People don't value what they don't pay for; places that include utilities typically have 10-50% higher utility usage than places where everyone pays.