But the more I learn it is becoming very clear that buying the right property/at the right time and getting a good deal with a little luck is very important.I will post a more detailed query with specifics as I build my strategy so that I can get more specific feedback from all you experience investors.

At a more realistic 10% cap rate they would have put about $2,730,000 in their pocket instead of the measly $1.05m. 

A more apt analogy than the dinner analogy I think is using a taxi to drive you around town all day long while trying to deliver gift baskets and earn a living. 

I personally would look at a duplex and see if that would be more feasible since you can qualify for a more expensive house since you can count the other units income.

This way is a more "complicated" way of measuring returns, but it is more accurate as it takes into account the time value of money.

I don't want to get stuck in 'analysis paralysis' and believe that it's time to just jump in the field and put this training to work.I am looking for a more seasoned wholesaler and/or real estate investor in the Houston area that I can offer some of my services, skills and tenacity to their business, as I gain more knowledge and experience in the field in turn.

I would strongly urge you to partner with a more experienced wholesaler within your circle.

FAR less headache and a more conservative and realistic return.

If you can afford them now it would be better, generally, to buy a more elite house.  

So yeah, we use imagery of Christmas but with a more globally appealing "Happy Holidays" wording.