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.

If unclear, I'll clarify via email - I try to keep as much in writing as possible.As @Natalie Kolodij mentioned, and as I've also experienced, sometimes the client themselves doesn't even know who or what technically owns the property;  asking the question may lead to finding an error like the one mentioned above.I've had a few clients who started out with a property or two in their name, kept their books in QBO, and purchased their next property with a partner through an LLC but kept using the same set of books.

It's unlikely that a CPA/EA will review your return for free or inexpensively if they know beforehand that you're not going to engage them if no errors are found or no value can be added. 

Ok thanks, rather error on the conservative side...

Outside of potentially costly trial and error is there a good way to learn about the necessary forms and contracts so that I'll feel comfortable with this area of REI? 

Do you charge for painting over numerous nail holes in the walls?