I'd need to know more about how old the building is, what neighborhood it's in, etc, to give you a precise picture, but here are some issues.1) You don't include any cost for utilities.

what class of neighborhood?

We're comfortable we've come up with a workable solution that fits these limits if we can just cut through some of the red tape and compete the project in under 12 months.I'm told the certification alone can take 6 months to a year.

I find the property values higher than I prefer, plus this city doesn't really fit some of my criteria. 

We looked at a wholesale property today in a great neighborhood, 85016.

I haven't ruled out Las Vegas as a potential market to enter because I believe it's trending in the right direction but as you mentioned, I would like to do more research in areas where the ROI and cash-on-cash returns fit my criteria. 

You would likely have to look into less popular neighborhoods for the numbers to make sense but even then hard to say.

Lets start by stating that they have to be licensed, which is required by law including going through extensive background checks, be financially fit themselves, and go through education on laws and mortgage practice.

If it came from a garage sale or craiglist, someone is just trying to make a few bucks off of something that would be disposed of because it is probably no longer fit for use.

Especially the type of neighborhoods, good locations vs. bad locations; market rental rates, and what's a good purchase price range.