I did forget to mention that I am putting 30% down and paying cash for the renovations.So my figures look like this:purchase price 200,000deposit 60,000Mortgage 140,000Gross rents: 2,500 p/mNOI: 1,250 p/mMortgage: 931.42 (30 yr 7%) p/mCashflow: 318.58 p/mI guess the main issue is the amount of equity I am using to generate the cashflow. ($60,000 deposit + $20,000 for renovations =$80,000) Also the built in equity of $100,000 as a secondary factor has to be considered.

I have located a structurally solid duplex for $69,000 (asking price) in an area where rents for these individual units would go for $575.

realty trac is a lead generating website.

Ultimately, an individual needs to act as Trustee.

Any buyer would welcome that.In return you would like to be compensated for your efforts once they purchase the deals you bring them.This is many times refered to as being a "locator" or a "bird dog".I would also learn as much as possible from these individuals.

The only two factors that truly matter when determining value are the price at which you could sell it for or the amount of income you could generate to service the debt.Anyone contemplating a purchase solely based on previous appraisals, current list price, or loan amounts, stands to lose their shirt.

I'm hoping to be able to wholesale a deal or two while I'm flipping this one to generate some extra cashflow while my money's tied up.Any words of advice for a wannabe wholesaler?

Several people have provided great feedback here and given some solid strategies that anyone can use in their business.I for one, know of several people who solely use the internet for their lead generation and they can barely keep up.

It's a divorced couple, so I'm planning on speaking with each of them individually, to get the necessary paperwork and forms.

flipflopped,Are you an agent helping individual buyers or do you help in buying REO packages?