High estimate, maybe $4-5k rehab costs to add more value to property thus allowing for slightly higher rent. 

Those buys look to have reasonable safety margins, just in case the appraisals fall a bit short, or the allowable LTV falls to 70% instead of 75%.

Can I "partner" with a Realtor (Is this allowed?) 

I live in the far east valley which allows me to market in both Phoenix and Tucson.

I guess this allows lots of mom n pop shops to operate without all the extra expenses when doing small jobs.I am interested though if adding a shower needs permits in order to register the house with the county as an official 2 bath house.

The reason is because closing costs are not(by law) allowed to exceed a certain percentage, and under $35k it automatically does, because most banks closing costs are set.

The answer is, a mortgage payment in 2016 would allow you to take that payment's interest piece in 2016.  

I know this an epic debate for investors but my personal opinion leans towards having a license especially if you in the wholesale business.... puts a layer of disclosure on top of course but allows you to give the property owners some options. 1) "I have investors who are looking for properties like yours that can pay cash and close quickly to solve your problem Mr Seller" or 2) "Just need to sell but don't have an urgent time constraint you say?

Ideally, I would allow him to rent the first month at his current rate and then the following month I would increase him to market.

@Jane Guerreso the credit bureaus will typically not allow individual landlords to report payment data to them without going through an extensive membership process.