There is a huge difference between per square foot pricing between neighborhoods, sometimes $50-$75 per square foot.

Being based out of LA is making a lot of searching, really not fit into the 2% rule. 

While I can't say for your state specifically, as a general rule, commercial leases are governed by the contract.  

A property manager normally will charge 10%.Lastly, does the job your currently hold have enough income to allow you to purchase the properties and maintain your debt ratio on below 50%?

You can get a good quality neighborhood and still beat the 1% rule.  

General rule of thumb is ARV after repair value * 70% of as-is - repairs is the ballpark max offer when looking to buy.

I replied after reading the rules but my short and simple reply was deleted!

So, the deal sponsor has 5% ($50/$950) of the 70% = 3.5% plus the deal sponsor's 30% = 33.5% total ownership.  

Now, I'm a laid-of 50-something who's been searching for another job for nearly a year and realizing that now's my opportunity to really scratch that itch and go to work for myself.

Since the applicable laws are state specific, I recommend you invest in getting the legal opinion and advice of a well informed attorney with an in-depth knowledge of the laws, rules and regulations promulgated by the state real estate commission before commencing your wholesaling business model.