In practice, however, the operating team would likely choose to hold 1 or 2 more years when cap rates normalized to some degree.  

To practice analyzing properties just go to zillow and realtor.

I'm a construction enthusiast and love everything about construction and learned how to build just by practicing on my own properties and pulling permits as an owner builder.

Skill comes from practice. 

Also, what are some your best practices for wholesaling in general?

You practically did the same math as me with the only difference you added the margin or percent of profit they might want.With my example of $400k, that's what the developer would pay up to.Yes, at the end, the answer is  'it depends'

Looking for someone to observe and ask questions about looking at properties, best practices for approaching a homeowner that has not put their home on the market. 

Which is not the best business practice anyway.

This puts the property manager (and/or his Broker) on notice that an investigation may start digging into their business practices.

I have a couple of questions as to what would be "best practice" for how we are running things.