Do you think I should still have a contractor give me an estimate before I try to sell a wholesale deal or would that book give me the insight to at least get a semi estimate of repairs to be able to determine the (Mao)maximum allowable offer for the potential buyer?

The change of ownership IMO would trigger the deferred tax bill needing to be paid in the year of such a transfer.

I'm struggling to determine what acceptable CAP rates (CAP Rate= NOI/Purchase Price) are for particular areas.

You really need to know the area, population movements and other factors in buying, determining the hold period and expenses, disposition and expected future price points.

As a ball park I am using the following formula to determine the buy price

Get your credit cleaned up, get some cash saved up, then think about buying a residence if that's what you want.If you're determined, I'd be upfront and offer the asking price (or a bit more), no money down.

If you have a completely rehabbed building or new building then for years 1 to 5 of ownership yes costs will be less but also the reverse holds true in years 5 to 15 you will have roofs, water heaters, A/C's, kitchens and baths to replace etc.

I must get written bids by a licensed contractor that must be submitted to the inspection department for approval to determine repair costs.

It allows you to determine what your cash flow would be on any given house on the fly.

To determine what you'll be paying, check to see what the SEV of the property is.