A typical mistake I see here often on Bigger Pockets is investors buy their first  property and leave little room for error that everything is going to go right (have the perfect tenant that pays on time for the first year of owning with little to no repairs needed and cash flow stays strong).

@Jake SnavelyI've invested in numerous Groundfloor loans made in Alabama.

Maybe due to errors in the budget, maybe to do price increases.  

I had numerous relatives die over a period of several years to allow me time to do real estate.

I’ve sent him numerous emails stating that I will pay him in full when the work is done and specific issues are corrected, but he’s refusing to fix anything and just demanding payment.

Well You’ve got numerous problems with your calculations but to spend 40 grand and get 600 something in rent Is a deal killer in itself ... and  Are you sure that you can even get a 30 year loan on a 38k house  because Banks don’t lend under 50k a lot of times . 

I figured it was a teardown - and i needed to have room for margin of error. also our market appreciation helped by the time i am done with the flip, the price went up another 20K.

@April White If you formed an LLC and the IRS told you to file Form 1120, then you probably made an error somewhere when you applied for your taxpayer ID number.

Some of this is going to be trial and error until you figure out what form of marketing works best for your target audience in your target market.Again, this is something like the 10,000 ft view, and you'll learn a lot more as you get into the details.

I've heard on numerous podcasts from BP and elsewhere that it's not illegal, nor do wholesalers need to be a licensed agent in order to wholesale.