Depends on your strategy and ultimate goal.

I understand that that formula is a base line and you can between 60% - 80% depending on the property.

The legal advice I was given is consistent with pretty much anything you find about the subject on the Internet.

neither are very accurate... you need to have a list of comparable homes that sold in the area that match  the house you are looking at  in lot size ,sq feet,  bed ,bath, outside finish etc  and some time houses even a few blocks away don't match because  they are over the tracks or a hwy or something that makes them a different neighborhood... you need to find a way to get actual sale prices of homes sold in the area and a way  eg feet on the ground to tell you if they are fair comparables.. your offers  and your profits depend on accurate comparables so you can judge  what you are doing... just my thoughts

Rent, I didn't do comps because I'm not home but seems about right depending on part of Nutley.

And depending on how much you like or dislike your job, it may motivate you to work harder to make the switch.  

Back before there was email and internet people serious about buying property would hand deliver offers and meet in person with checks in hand. 

You're far better off working with tenant/buyers directly.As for costs, that all depends on the rules of your local MLS and your broker.

Hey Darron,Depends on what you mean by Wholesaling. 

It all depends on what you want to do.