If this happens, you are on the right track.

But you will definitely have a ton of expenses and receipts to track.

Do you have a track record in wholesaling and you're just trying to scale, or would someone be bankrolling your entrance into the market?

Hello BP Community,Please take a look at this property to see if I’m on the right track.

@Ryan Bergevin, It seems like you are on the right track. 

Another question I want to ask: Do you filter the great lenders from the others by looking at their references and asking for their "track record" or previous business dealings, etc?

It must also be the majority of your work time (so if you have a 9-5, you won't qualify) and it must also provide the majority of your income.The advice I got from my CPA when I asking about QBI was to just keep track of your hours in a calendar.

Currently have so much equity in our home because we just did a live in fixerer upper (took 8 years), but we are more than capable in doing a lot of the projects that come with this.

As an LP, how should I compare the track record of a sponsor that began with experience in the market prior to the Great Recession and weathered the storm vs a sponsor that spawned post 2012? 

I am going to comment in here mostly to track replies from people with more experience....however, I think it's important to remember that there is a wide range of situations that can lead to the missed payments causing a home to show up as "pre-foreclosure" and different approaches would be appropriate for each.