I have a call with a potential wholesaler tomorrow and I want to know what questions I should ask to vet him and other wholesalers to make sure they are high-quality wholesalers. 

Depending on your needs, I can potentially connect you with my underwriter who I pay for the detailed UW.    

It can be better to often estimate repairs or replacements on the high end and get a credit so you can choose materials and quality used and potentially pocket any unused difference.   

@Aakshay Subramaniam First, you want to look for areas with high demand for rental properties and strong potential for appreciation.

It is my understanding that if you enter into the lease knowing of the foreclosure and placing a tenant anyway, then the lease is essentially deemed invalid as you and the tenant knew that it was a matter of time before they were evicted.Also there is an assignment of rents in residential mortgages as well, and doing this may open you up to a lawsuit by the mortgage holder since you essentially stole potential rent from them.And finally if the plan is actually to buy an HOA lien and wait until a foreclosure, I think that falls under unethical practices and would never do that, or encourage anyone else to either.

When I calculate an offer on a property, I typically look at the potential rental income and subtract from that all operating expenses such as taxes, insurance, management and maintenance.

Despite its awful reputation, I see great potential due to its proximity to key attractions.I'm reaching out to ask: Are there any plans to revitalize this neighborhood?

Understanding how to uncover the potential opportunities by solving the seller/owners problem then engineering them to profit takes time & skill. 

You can explain to your potential new partner that he will make an extra amount on each deal through his realtor commission which will help increase his profit.If possible make a deal that both of you are happy with because finding quality people to work with is a key to being successful long term.

A local RE professional should be able to provide this information to you as well.In New York, we deal with this scenario frequently and oftentimes it does not make sense to legalize ADUs because the permit process is extremely lengthy, the cost is high (sometimes $150-300K for 1 ADU unit), and the potential increase in property valuable is not worth the risk.If you already have an approved permit/plan and can get your renovation down to $80K, you may want to consider this project if the ARV is say north of $800K.** You should also look into any potential property tax increases associated with this change.