On a $200,000 investment, you put down $40,000 and retain the additional 5% or $10,000 as a reserve to cover unforeseen issues that almost always pop up.

@Josh McCallen It depends Debt allows you to retain full ownership, equity takes a piece and gives it to investors.

And yes, retain your attorney fees from the security deposit.

A tenant with an 800 credit score earning $100k/yr is a much lower risk than a tenant with a 550 score working at MacDonald's.Know the laws, processes, and requirements for serving proper notice to tenants who don't pay.Be prepared to use creative solutions such as cash for keys and early termination agreements.Have an attorney who specializes in landlord-tenant law in your state on speed dial (if not on retainer) to assist with evictions and other legal matters.Consider investing in more landlord-friendly markets. 

I do agree with you that based on what is available nearby, $1,600 is likely the safer number to go with.Lastly, I think there's enough clearance to build a driveway, but it would require a retaining wall and would push my rehab numbers beyond what I can comfortably do right now...My back-up plan if cashflow ends up being too low is to 1031 this property into a duplex or triplex. 

You can't wholesale the deal because the MORE you make as a wholesaler the LESS the estate retains and the LESS their heirs get to inherit.

It is a lot of information to retain and the longer it takes for you to take the test, the more of the information you will likely forget. 

Quite many renters for SFRs actually retain agents to assist their search.

Security Deeds are variance of a Deed of Trust whereby the Mortgagee has legal title and the borrower retains equitable title with a right of redemption.  

You should then consider retaining the "Brokerage rights" to the property and you can even have that put into the deed when you flip it.