I have been meeting with lots of wholesaler that just throwing in numbers to try to get as much profit as possible when they doesn't even know what the real repair cost for a house, the real comps, the rental comps, etc.You will not live long as a wholesaler that way, you will not have proficient investors in your buying lists since they know the repair cost, the real ARV and the rental comps in the area,etc.

Your buy formula is a personal choice as far as target yield.Due diligence in broad terms covers:1) marketability of note, legal, etc. documentation2) the borrower (credit worthiness, payment history)3) the collateral (equity, other liens etc.)If you are proficient with a financial calculator make sure your settings are correct for # of payments per year.to calculate "i"/yrenter "n" number of remaining paymentsPV= the price you pay for the note if its $50,000 enter - 50,000PMT= scheduled monthly payment if it's $500 enter +500FV= usually "0" if it is fully amortized (if there is a balloon enter that number +)Most people get tripped up on when to use a negative or positive number.then press "i/yr" that will be your annual expected yield

It is a specialized investing, so don't expect to become proficient without spending money for your education.  

@Gabe Cole Banks are getting better, okay...How do you know if a realtor is proficient in short sale transactions?

I am in the process of getting my NYC Real estate license and am searching for Sponsoring Broker's that are willing to make me be apart of their team , As well as develop me in becoming a proficient real estate agent.   

Proficiency in real estate accounting matters is paramount, but I would prefer someone local that I can meet face-to-face on occasion.  

Well, it depends...lol.Seriously though.....in my view, you don't have to have a set number of years to be proficient or knowledgeable of facts and figures. 

You must be a proficient and expert investor to be able to invest in remote states, I have been doing this now for years and making some great deals, please help us by responding to these questions so we are able to share techniques and ideas.Question to compare notes:How and where do you get leads?

While there are a number of nuances to real estate, you don't need someone who does it only real estate in order to receive excellent service - there are massive areas of overlap between normal day to day operating businesses and real estate that a proficient business tax professional can navigate with ease.

I am also a builder and well experienced and proficient with rehabs and Demo/ new construction.