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.

@Alex Chin,I wouldn't want to jump right into a 50+ unit multifamily. 

So using that as a rule of thumb, if you have about $150-$200k invest you can definitely see your goals met depending on the market.

However, you cannot buy controlling interest in that LLC or even more than 30% of it (not sure about 30% but there is some guideline about it).You cannot also take any role in managing the project as it would violate IRA rules.

Assuming gas is $100 and electric is $50 a month.

Thanks Neal.As far as going in 50/50 with a partner, I suppose if it were a matter of just the amount of cash I wanted to put up then that would make sense but it's more a matter my ROI and then the amount of cash I'm investing.

Search 2% rule for example.

Lead pain was a known hazard over 50 years ago and in many areas it's common usage stopped well before 1978.

As I said, I've never done this, so is there a "rule of thumb" percentage of vacancy that I should go by?

Landlord only pays for trash, which is about $50/month, all other utilities are individually metered.