@Jeffrey HolstThis is what is so great about investing everyone has their own way to do their numbers and make assumptions.

If you've already gotten these quotes then great, but if those are assumptions, I would make sure they are correct.

I would be skeptical of this number and if you can, have someone else more experienced look at your assumptions.

I would probably look for something a bit closer to reach the 1% rule counting both sides rented, making assumptions for future, or something that can be updated some to increase rents.

Not all banks will do this, and they will underwrite the existing loan and charge an assumption fee that may or may not be less than closing costs on a new loan.  

So, assuming your marginal tax rate is over 25% (which may be a bad assumption with the new tax brackets) you would pay $13K for the unrecaptured depreciation tax and $33K for the capital gains for a total of $46K.Its possible the Obamacare tax on investments or AMT might come into play and increase this. 

@Raymond Hill Assuming the 50% rule:Monthly Rent (assumption): 1k/monthAnnual Rental Income: 100kAnnual Revenue: 200kUnits Needed: ~17It will be hard (not impossible, though) to hit 50% OER and in all likelihood you'll be in the 55-60% range.Cost per Unit (includes purchase price + rehab): 45kUnits: 17Total Cost: 765k (45k *17 units)LTV (loan to value): 25% Capital Required: ~191K (765k * 25%)That being said, before going into a deal, it would be prudent to consider enhancing your knowledge by partnering with experienced investors and/or attending local real estate events.

Clarify my understanding below of your post assumptions and I should be able to guide your financial structure at a high level. 

If you get your assumptions on cost of rehabs and ARV wrong, you can end up losing a lot of money.But the returns are higher.In hot markets, like it is the case in most places accross the nation, it is very difficult for wholesalers to find deals that make sense for investors and they end up spinning their wheels for long period of time without making any money.It is my impression it is difficult to make a good living from wholesaling.A common path for a lot of people is to start doing (or thinking of doing) wholesaling, then do fix and flips then move on to doing Buy and Hold when it makes sense.

Use "Property #1" to figure out if all of your assumptions are correct:  rehab costs, timing, refinancing, etc.