As far as you bringing in your work income, that's not relevant because you'll want to see how the property performs on its own.

Again, it is a gray area) you perform renovations or even just cosmetic fixes on these houses that you buy and later resell and/or a substantial percentage of your income came from flipping, well then chances are that they'll determine that you ARE in the flipping business and you can kiss goodbye any dreams of only paying long term capital gains rates on the profits for any flip homes held for more than a year!

I'm very new to the idea of investing in notes generally, and I have a question regarding non performing notes specifically: I feel like I heard/read somewhere that it's not legal (or not ethical?) 

I always hold 10% for 30 day after incase there is an issue later or during the inspection something comes up on work they performed they will come back and fix any issues quickly.

They KNOW the market, they have a stellar repair team, they market our homes very well, our performance is aligned (meaning, they charge based on rent only, they don't nickel and dime me), they have good accounting practices, and they use a web software that I can log into so I can always get the financial reports, details on repairs, etc - anything I need.  

This way you collect $1100/mo until they're able to perform on the purchase and they are getting rent for $900/mo and $200 towards closing/purchase saved up.I have attempted this with a tenant in the past but did not successfully implement it.  

I'm looking to get into wholesaling but of course looking to be an understudy if possible of someone in the area until I learn how to effectively perform the transactions.

I would like to put together something to calculate how well my current property is performing financially.

And there is some sort of plastic plumbing that was used in the 60s or 70s and maybe even the 80s that didn't perform as expected...it is garbage.

So if the buy the building and after rehab they are into for a 9 cap then they can price above 5 cap market at a 6 cap and it flies off the shelve.Just buying existing cap rates for performing stuff it doesn't work unless you are just holding for tax write off and retirement.