I would be much more focused on getting a really solid 4 unit with little or no deferred maintenance in an area where you can get great tenants and maybe increase the rents regularly than I would on whether it generates a little positive cash flow with only 3 units rented.How much have you spent in rent while searching for the perfect deal?

Though what he really needs to do is cash out of San Diego and use his equity to partner with me in Real Estate Investing so he can generate his income more passively.

I have only a couple of properties generating income and I think I can offset most of my income if I do it properly.

We generate leads and easier to communicate for us. 

When it sells it will likely also be the closure of my business, and so I will be relying initially almost entirely on the rent that I would generate from whatever I end up with in my 1031 exchange, so income versus other ways to gain in real estate is my initial priority.In thinking about it and looking at options and poking around for the last couple of years, I am strongly leaning towards multi-family.

(accidentally posted in general) So I would like to generate as much feedback as I can on this and I sincerely apologize if a lot of this has been covered in earlier posts.

In your example  you're selling a piece of real estate for $200K and generating $100K in proceeds.  

Not sure how much time you've spent on BP or listening to the podcasts, but the general consensus seems to be that wholesaling is tough and probably requires at least some money to spend on marketing to generate leads.  

When it comes to wholesaling, I personally understand it as a simple transaction but the most difficult part for me to get grasp of, is how do you generate a buyers list before having properties to sell already ?

-Generate Leads-Quick Screen-Analyze Leads-Make Offers.Lets say I get 100 leads, screen them down to 50, and analyze 50 to determine I want to make 10 offers.