We started with a total of $50,000 from 3 partners and a promise of an additional $30,000 from one of the partners.

I bet there are government loans out there for this.So what if you bought an entire block of apartment buildings, filled with section 8.

As for cash flowing areas, it's a total crap shoot. 

Take for example the following:Rental Property that is for sale near where I live:$80,000 property that doesn't need any repairs (essentially turn-key that I will self-manage) - $900 rent $16,000 down with $2,000 closing costs - Total All-In: $18,000Assuming 5% vacancy, $1,000 in taxes, $800 for insurance, 5% for maintenance, and a buffer of $200 a month, I would cash flow roughly $3,300 a year.https://www.calculator.net/rental-property-calcula...I've been around this forum to know that people will say things like 'well your vacancy/taxes/capex is way too low.'

So here are the numbers....Property sale price is $11M (50 unit built in 2017, 98% occupied, rents on par with market)Rental income totals $860K (rents plus all fees and garage rentals)Expenses total $240KAble to secure a 75% LTV mortgage at 4.85% (30 yr amortized, 7 year then balloon) coming to $522KThis leaves $100K for the year. 

@Thomas Ferreira Jr. it usually takes 45-60 days to get the property to close from date of auction (on auction.com)So you need to wait until closing to get the final sale price for that property.But per @Sergio Aguinaga that may not be the true total cost because  of possible liens.

I'm a total newbie to the world of real estate and would like to get into wholesaling, and eventually fix and flips.

There are still some obvious omissions that are totally understandable in any negotiation.  

The property is new, located in a very good zone and in pretty good shape, the only problem I see is that the offices are huge; there are two bathrooms (70 and 80 SQFT),  245, 385, 355 and 185  SQFT offices,  150 SQFT waiting area and about 130 SQFT of halls. 1750 SQFT total.

Below is the math (all in % of house value):Rent: 12.0%Taxes: -2.8%Average Long-Term Maintenance & Repairs: -1.7%House Insurance & HOA: -1.6%Average Vacancy/FinderFees/Tenant Issues: -1.0%Property Management: -0.8%Total Average Annual Return: 4.1%I have heard landlords making 10% (no leverage) and 20-30% (with leverage).