I do need to ask and please forgive me if this sounds naive; let's say the property is in good standing (minimal repair etc), do you think it would be wise to use the 70% ARV formula and at what point would you say it no longer fits a "wholesale" criteria?

Aside from the 2 years I have in operating the business I spent years researching and creating my formula...On top of the on-the-job experience. 

My next step is to find one for the right price.Do we have a section for formulas to see if its good buy, roi, cash flow, ect?

Do this and you have decent income and the possibility of upside -- a good formula for investing in Atlanta.Pick the wrong street or wrong property manager and you're hosed.

Dan what do you think is a good formula for woring out if the flip is worth doing?

He wants me to apply the same formula of Driving for Dollars to rental properties. 

(b) If the records of a series are maintained in a manner so that the assets of the series can be reasonably identified by specific listing, category, type, quantity, or computational or allocational formula or procedure, including a percentage or share of any assets, or by any other method in which the identity of the assets can be objectively determined, the records are considered to satisfy the requirements of Section 10A-5A-11.02(b)(1).

You don't want to proceed with this deal for two reasons; you have not considered ALL expenses in your formula and you have not bought the property 70% - ARV.

Can you guys recommend any brokers in Houston, and what formulas, spreadsheets, or software (if any) you are using to evaluate potential deals?

You need to determine how much profit you want to make on the deal, how much the repairs will cost your cash buyer, fees, transctional funding fees, closing costs, room for negotiating, etc.For example:If a house is listed for $100,000, you walk through and determine that it needs $30,000 in repairs, and by talking to your agent, you determine that in perfect shape the house will be worth $130,000, then you need to figure out your formula before you can make an informed offer.FORMULAARV $130,000 X 70%= $91,000 Max Sell Price to Cash BuyerLIST PRICE $100,000-REPAIRS $30,000-PROFIT $8,000-CLOSING COSTS $5,000-TRANSACTIONAL FUNDING $3,000-ROOM FOR NEGOTIATING WITH SELLER $3,000= $51,000 MPP (Max Purchase Price)i USUALLY OFFER 85% of my MPP initially which would be $43,350.