@Antoine MartelThank you, He basically said that he’ll take care of the rehab part since he does it all the time, and I only have to put up my money, does that make sense to him to make “only” 50 %, is that how it’s done?

I think it is more the risk of the lack of an exit strategy.  

@Scott Freer, if it was you who arranged for those figures to arrive at exactly $50k profit (less tax), based on realistic rehab and ARV figures that you carefully researched, to arrive at your maximum allowable offer (MAO), fine.But if those figures were presented to you by the Seller (or agent), not so fine!

You need to know rent rolls, length of lease, is everybody paying on time, any "discounts" on lease (like lawn care, etc).

Only lends to LLC's and doesn't care about the borrower's(s) income.

I've been careful when offered an opportunity to pay for a mentor.

The agency requirements for brokers are very strict and although this may not break any of them the broker would have to be very careful with disclosures to you since you are not their client.

Add replacing or fixing a toilet, lawn care, sometimes even insurance and it seems to be most costs would be a higher percent the lower the rental amount. 

I also agree that you want to find properties that are simple to take care of and easy to manage to start.  

I don't care for wholesaling and it's not my ultimate goal but seems to be a necessity at the moment (no money not much credit.)