I did not know those would yield higher returns, but it makes sense.

@Marc WinterI would say, I would kind of need to structure the deal is such a way, or atleast, considering my financial situation, it would make the most sense and have potentially less risk than using a HML, insofar as the concerns you mentioned can somehow be addressed within the contract.The house in question has an ARV around 225K, around 25K in repairs and I would offer to buy at no more than 140K.The 10K I have to work with would not cover the downpayment on a 140K loan at 10% with a HML, unless I structure the deal with partial seller carryback on a note for 50K payable after the sale is complete, in which case I would need a loan only of 90K which would leave me 1K to cover interest payments, assuming points are rolled into the loan and a bullet loan is not an option.She is my neighbor and I'm on very good terms with her.

My wife and I have both recently changed jobs, and where we currently live just doesn't make any sense (45+ minute commute each way for both of us).

So does it make more sense to avoid the PMI or take the PMI and use the leftover money to invest in more property.

I'd welcome opinions on which suburbs / cities make sense - thanks

The appraisal should make sense based on recent sales of comparable homes in comparable areas, and if there are no comparable homes, areas, or recent sales, then some fact-based adjustments must be made.

Does it make sense to sub-meter the property and divide utilities, because I do not want to have all utilities in my name, now and in the future when both units are occupied by tenants?

Properties listed on the MLS in UT right now are selling to end buyers pretty much right at, or very close to list price - so it doesn't make sense for a seller to take a low offer from a wholesaler when there's a decent chance of a retail buyer coming in and paying market price.In order to find a deal that makes sense to a wholesaler with our current market conditions, an agent is going to spend a lot of time writing a lot of offers that are likely to get ignored, rejected, or heavily countered. 

@Chris Gilliland,Check with your local attorney to make sure it's within your bounds, and also make sure it makes sense for your property!   

Now you have enough information to do your own estimate of the rehab costs (with Jay's books) and analyze the deal as if it were your own. if the deal makes sense you might be pretty close. if your analysis shows the other investor is making or losing $100k on a $350k house at the day 1 list price then something is probably off.