This is one of my favorite features of Bigger Pockets especially for asking specific questions.

As someone who has operated a robust and successful wholesaling business for over 10 years, if your goal is to eventually fix and flip, might I suggest that instead of bearing the cost and frustration of attempting wholesaling, you become a bird dog for the dominant wholesaler in your market:  Your out-of-pocket is minimal; you will learn from someone who knows what he/she is doing; you'll learn a lot about the market; you'll avoid making a mistake that can get you called in front of your state real estate board; you'll get paid to do it!

Some old termite damage but it had been repaired and no new termite damage was noted by the inspector.The things that I knew I needed to do when updating were:- Update electrical Service to 200amp service coming in (to run all needed appliances and computers, etc)-Add outlets-update plumbing (originally planning to just add new hot water heater and add new plumbing features.

Consider acting as a bird dog for the dominant wholesaler in your market.

Originally posted by @Dominic Jones:@Alicia Hensley Okay so if your goal is to sell and use the proceeds as a down payment on another FHA loan, and keep the remainder as a down payment another rental than do that!

This is one of my favorite features of Bigger Pockets especially for asking specific questions.

Keeping the old heating system and installing a new air handler, condenser and ductwork can be about half the cost of doing everything new while still providing the features (central air) that your buyers will be looking for in a renovated house. 

This is one of my favorite features of Bigger Pockets especially for asking specific questions.

Find the dominant wholesaler in your area and offer to Bird Dog for him or her.You'll learn a lot about how to analyze a deal and get paid while you do it.  

A good starting point for someone new is to get dialed in with your local REIA.BP is fine, but it is no substitute for personal contact with other investors.If your interest is wholesaling, another good starting point is to be a Bird Dog for the dominant wholesaler in your area.