You would have ongoing filing requirements with the State and would need to keep business records and documentation.

I ran numbers and the deal would make sense for me if I can get it for under 300k but preferably trying to get it around 290k.

https://www.biggerpockets.com/forums/519/topics/453785-has-anyone-ever-used-the-velocity-banking-strategyHere is an incredibly long and well discussed ongoing thread about the topic for context.

You are spot on to build a team - something I was slower to learn is to trust and build into that network - the sooner you can find advisors that are glad to help - the better investments you'll be able to make early on. Go

When I ran numbers it looked like I am able to come up with about 20K in personal savings annually (only including my salary). 

The most important being, knowing what cap rate is and how to calculate it, how to accurately estimate ongoing expenses, and repairs. 

(Please correct me if wrong) and then plan on going back up to 4-8 unit depending on deals at 20-25% down with out moving In.

(Please correct me if wrong) and then plan on going back up to 4-8 unit depending on deals at 20-25% down with out moving In.

Also if this wholesaler brought you this deal and you're planning on going behind his back directly to the seller, you probably won't get any other deals from him. 

Hi Guysthis is an auction i am planning on going too,its a 50's house,i saw these cracks on the exterior wall - couldn't get inside the house though..how bad is it?