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These include mortgage payments, taxes, insurance, utilities, and HOA fees, etc. that occurs during the Rehab period and up until the property is fully rented.Are you sure you can get the property Refinance in only 2 months after purchase?  

But there there is a small utility cost, and that doesn’t allot money to vacency or maintenance.

But, of course common sense says to aim to buy below retail if possible.

Find out how much the city utilities and taxes are compared to property prices and rental prices (craigslist is useful for checking rental prices), and then see where you want to start investing with the best return on investment. 

To allow for easy separation of utility costs, I'm installing dual HVAC systems, dual hydro panels, and pony meters on the water meter.

It must meet common sense standards nothing too outlandish.

At best, you should hope to break even after mortgage payment and owner-paid utilities. 

Also, how common is it for wholesalers to do Joint Ventures in Memphis, and is it beneficial??

We had some common ground though.... seemed really nice.