You should stay at a purchase price including repairs in the $60k or higher range.  

It was only after reading "The ultimate guide to real estate investing" that I learned about this website.  

If I use a house flipping analogy, whether we are talking a SF home or a 300 unit apartment community, the essential concept is the same (valuation albeit different but stay w/me here).  

@Abdul Azeez, I think that the problem is that you are stacking the deck against yourself trying to do all of these things on your first deal:1) Purchasing the property from an online auction site / bank, which is notoriously tricky even for the experienced investor, due to their proprietary contracts and minimal due diligence period and strict deadlines.2) Working with a new contractor that you haven't used before, or seen their work before, and who may not be used to dealing with investors.3) Trying to get conventional financing on a property that has a short closing time and where the mechanical systems cannot be tested.4) Working on your first deal by yourself instead of partnering with a local investor who can guide you along, or at least a mentor who you can turn to with questions.My advice is to make it easier on yourself by considering buying a property with a standard contract and longer due diligence period, network with local investors who can provide you contractor contacts and also some guidance, and consider using private financing or hard money instead of bank financing.In my opinion, buying from the online auction sites is a more advanced strategy that you can use once you are able to ballpark construction costs yourself and/or you have a trusted contractor you've worked with before and/or you have private financing or hard money set up so you can close fast and/or you can purchase the property without interior access and hope to get lucky in terms of condition (but still buy at a price where you are comfortable doing a full rehab if necessary without losing much money) and/or you are familiar with agreement of sale contracts and closings in your state so you can assess the risks of using the bank's seller-friendly contract.You're already doing the right things by asking questions on this forum, and taking action.  

As long as you stay away from 'self dealing' that is one of the biggest things to watch out for. 

Tough to stay on an agent and make sure they are doing their job when trying to focus on doing one's own job.

I would also like to work with an individual who will stay organized and be continually shopping to find me the lowest rates for my personal and future rental properties.

He now knows exactly what is going on and can use whatever influence he has to ensure that the community stays up to par and he retains the value.

@Jack Halldin Welcome to the club and stay engaged!

Read the Guide on Wholesaling, and the many Blogs on Wholesaling, then check out the Podcasts which have info on wholesaling specifically as well as great discussions of general real estate knowledge.