I’m fortunate to have a father who is in the construction business that is teaching me the process of estimating and bidding projects, as well as other aspects of the construction business.

Performing due dilligence on your "future" partners is the most important aspect of this opportunity.

@James Wise gave a lot of solid tips.I also can't emphasize enough how critical the PM is for out of state investing.

@Lien VuongHe did not mention any comps.I’ve only found two properties like this in terms of land and the outbuildings which are critical to me.

Yes, you want to find properties that you can purchase at a discount, but have you been working on the other aspects of your business? 

Whenever I say anything negative about  ANY aspect of wholesaling people lump me into some anti wholesale camp.

Do not use % allocation for CapEx because CapEx does not change with value of property (it will change based on size of property however so need to consider that aspect)Maintenance - I typically bake this into CapEx costs which puts the total closer to around $225 for a 1,500 sqf SFR (also dependent on quality of property, upfront rehabbing, etc.).

We are residents of Missouri and have a Florida LLC that owns a short-term rental home in Destin, Florida.We have owned it for almost 4 years now and would like to sell the home.The purchase price was $779,000 and sale price will be $1,200,000.We understand that we will pay federal capital gains and we understand the depreciation recapture aspect but we are unsure exactly what taxes we will be on the hook for since we are residents of MO and the home & LLC are in Florida.Do we also have to pay MO income tax on the gain even though the LLC and house are in FL?

They are not all PMs but they are software to help manage different aspects.

I didn't even think about the soap aspect at all and what that can do to the unit.