I need help with how to send out offers for wholesale deals, how to evaluate the property before making an offer, and how to calculate the numbers.

Here are the Fannie Mae guidelines for legally non-conforming properties:If the Property's characteristics are legally non-conforming, you must:ensure the Borrower executes the Modifications to Multifamily Loan and Security Agreement (Legal Non-Conforming Status) (Form 6275);confirm whether, if fully or partially destroyed, the Property's Improvements can be fully rebuilt to the pre-casualty condition per current laws, zoning requirements, and building codes; and if the Property’s Improvements cannot be fully rebuilt to the pre-casualty condition, evaluate if the as-rebuilt Property will support the Mortgage Loan at the current Tier, and document your analysis in the Transaction Approval Memo.To assess the Borrower's ability to rebuild Improvements on a non-conforming Property to a level that will support the Mortgage Loan at the current Tier, you should consider: conducting a threshold analysis to determine the resulting actual amortizing DSCR if the reconstructed Improvements cannot be rebuilt as-is per current law; the likelihood of a casualty event (e.g., wind, earthquake, fire, flood, mine subsidence, etc.); the percentage of damage to the Improvements at which the Property’s jurisdiction will require the Property be rebuilt to current zoning and land use requirements (i.e., the destruction threshold); which Property characteristics the destruction threshold percentage applies to, such as market value, assessed value, replacement cost, or unit count; for Properties with multiple buildings, if the destruction threshold percentage applies to each building, or all buildings as a whole; the replacement cost to rebuild per current requirements for zoning, and land use; the Property’s continued marketability, and economic viability; the amount and type of Borrower-maintained insurance coverage required per Part II, Chapter 5: Property and Liability Insurance, Section 501.02C: Ordinance or Law Insurance; insurance loss proceeds payout, compared to increased rebuilding costs, including from building code changes, Americans with Disabilities Act compliance, and the municipality's local zoning requirements (e.g., green compliance for new buildings, etc.); the sufficiency of estimated insurance proceeds from ordinance or law insurance and other coverages to repay the Mortgage Loan in the event of partial or full casualty, or condemnation; and for a Tier 3 or Tier 4 Mortgage Loan, if requiring execution of the Limited Payment Guaranty (Form 6020.LPG) would mitigate the risk of the as-rebuilt Property not supporting a Tier 2 Mortgage Loan.

I think that you need to evaluate the house after renovations with a mortgage payment and assuming all expenses.

You can count up to 75% of the rental income from each unit BUT you have to pass the FHA self sufficiency test.The FHA (Federal Housing Administration) Self-Sufficiency Test is a guideline used for evaluating the eligibility of borrowers looking to purchase multi-unit properties (specifically, 3- or 4-unit properties) with an FHA loan.

We have been working with an EA and want to evaluate if this is a timing to start looking.

I would appreciate it you could also make an intro so I may evaluate them for our needs.

I really appreciate that you took the time to evaluate my plan🙂 

HOWEVER - if you're approaching it more so from the perspective of wanting a place to settle down and possibly later on emphasizing on school districts, your evaluation criteria will be different than someone who is a pure investment play. 

For example, software may run a report for an application, but it doesn't know how to actually evaluate the applicant and determine if they are a good fit for your rental.

Just bout my first BRRR property.