@Rob Terpilowski when you get potential contractors involved would depend on how set you are on the deal and how certain you think you can make the numbers work, I would think.  

Hi BP,If I was to line up a TB for a seller in a Wholesale lease option setting what costs would i be looking at for a contract review by an attorney, a review of TB applications (by whom...??)

Do any of you have any thoughts as to how much to set aside for maintenance on these older properties?

The boundaries of a neighborhood can be larger streets, tracks, parks, etc.A house as close as possible in features (beds, baths), size, etc.Using the same financing method, with an arms-length transaction.Once you've found the right comps, then you have to make adjustments to them based on all of those features to get an accurate value for your property.I used to use a spreadsheet for that, until I built this tool: www.reikit.com/compsThe tool uses Zillow data for lookups, but usually I go in with my own set of comps from my realtors then use the tool for adjustments.The hard part is getting the comps, though, and MLS is always going to be king.Cheers!

Then you can go make cash offers once your credit line is set up.

Here are some good places to start: http://www.biggerpockets.com/meet- find and connect with other BP members that are in your area.http://www.biggerpockets.com/alerts - Set up keyword alerts to be notified of the topics that interest you.And, of course thehttp://www.biggerpockets.com/forums - ask any question about real estate!

You can use Legalzoom to set up an LLC and you can use lawyers to set up LLCs as well.

@Scott Costello really active here on Bigger Pockets had set up his own site w/ a professional web developer who was great... but wasn't stellar at setting up a site that performs well... and it got ranked well and got some leads... but then he setup a Carrot site and gets 5x more leads through his Carrot site vs. his custom site.

Will the rents you get in cover the mortgage plus expenses (portion set aside for future repairs or cap-ex, maintenance, insurance, taxes) *and* produce cash flow? 

We are set to close on 9/15- and now I am unsure.