But considering all the expenses (PM, leasing fees, cap reserve, maintenance, taxes, etc), it has been showing as negative cash flow. 

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

(No kids, excessive debt, responsibilities that come with age, etc.)By the time you reach 21 onward your experience level will be that of a budding pro when others may not even have begun which would be incredible for you and would carry a lot of momentum.My biggest advice in the wholesaling world would be find someone who is doing it and doing it well, ask them to bring you on for free or very minimal pay and absorb all of the knowledge in return for time and effort.

One thing to consider when you are budgeting is the taxes and insurance.

What I mean by this is considering how much your down payment returns to your net worth (appreciation, loan paydown, tax benefits, AND rent avoidance).

If it's important to be near the Bay area then maybe consider the Tahoe Reno, NV market because it's only a few hours away if you need to go to the office and it offers a landlord friendly environment, low property taxes, and no state income tax.

My insurance and property taxes are also set up in this manner. 

I use Innago as a management program which allows different taxable entities for the rents, which would assist when it comes tax season.

The $100,000 cost of the original structure in 2021 would not be depreciated further because it was demolished.So, for tax purposes, you would only depreciate the cost associated with the new construction, not the original structure that was demolished.

Even better is if you come to them with a personal financial statement, a debt schedule, and a business plan for the purchase (if you haven't identified a property, then what size, location, price you are looking for).