and also noted that you did not mention about any carrying costs - am guessing because they are insignificant in the larger scheme of things? 

I carried this philosophy through to my wholesaling business.

I had a friend who recently lost out on a business opportunity because he had no assets to leverage and secure with a mortgage, even though the business venture is sound and profitable from day one...and he was putting 20% into the business himself and getting 10% carried by the seller.

If your purchase plus rehab costs end up at 70% ARV and you get an HML for that amount at 14% interest with 3 points and interest-only payments until sale and you carry the property for six months, your numbers play out this way:Loan Amt: $88,200Carrying Costs (w/o Loan): 1% ARV x 6 = $7,560 (this may be high)Points and Interest (3% + 7%): $8,820You end up losing $16,380 of your margin to financing and carrying costs.You should end up with around $20k in profit depending on actual rehab costs, holding time and closing costs.

As an example, if you carry a property for over a year and can demonstrate intent to have kept it as a Buy and Hold (Brandon Turner can correct me if I'm wrong), you can take that as Capital Gains instead of Ordinary Income.

Speaking of strictly wholesaling, you don't add any other value other than facilitating the transaction, any new agent can do that and the customary fees carry a 6% commission per transaction. 

If the area will only carry a 100K house, lots run around 25-30% of the home value.Need to know what will go there before you can value it. :)

The carrying costs will not be offset during this time of reduced income.Good luck with it!

I recently consulted a PM I know about concealed carry. 

Are you talking about marketing to motivated sellers who are willing to carry almost the entire loan?