But I am fairly new to this industry... can either of you ellaborate on "subject to"?

for me, Financial independence is a term which refers to having enough money and/or other assets in such an amount that any additional income is not required to maintain a desired lifestyle.

A bit more complicated but seems to be more fair than #2.What do you think would work out best?

Hypothetically - Chances are, some houses that are listed for more than 120 days would not have been maintained well, they would be sold as-is, banks will be willing take a very low price as none turned out to buy that house - That would be something you might wholesale.Dont look for 1% rule or 2% rule when you want to wholesale.

You NOI calculation is not including vacancy either (which at a fairly standard 8%) drops your monthly cashflow another $64 leaving you at a $56 per month loss.

Thjis sounds like a fairly good deal to learn on (some might disagree), although it would be better if your after repair cost was 70% of retail value instead of 76%.

There are various good ways you can market to sellers, as well as calling on FSBO ads and looking on Craigslist.As for PM, if you are up for it, it is really not that difficult to do it yourself, especially helpful if the deal is fairly marginal as to profit, you can save 10% by managing it yourself.

What would be a fair % to give them of the profit made?

Maintaining both next to each other would be ideal.

If it were, then your formula could be fairly close.