That is an oversimplification, but that's basically how I decide if a property is worth buying. 

They all have different rules in different states, though, so it really is basically a research project to find the right fit that works for you.    

I'm currently educating myself on the basics of wholesaling and REI in general and will soon be on the verge of finding and executing my first deal.

As such, you need to be confident in your comfort level with each inspection, and at what repair level you'd take it as-is (basically), where you'd take it but based on a lower negotiated price to repair/renovate items, and where the cost is to great to proceed.When I walked from my first cost/benefit analysis, it stung a little. 

The other 3 units are gutted and basically need a complete rehab. 

These legal forms just basically involve the owner and the tenant verifying what is stated on the lease is what is actually happening and that the tenants are current on their rent- Once you take ownership and introduce yourself make sure you let the tenants know your preferred method of contact. 

I don't know, but from my basic knowledge, make sure you are pumping up the vacancy factor to account for the summer months being potentially vacant.

Basically if you draw a line from San Francisco to D.C. that's pretty close and they look to invest southern US markets that meet certain criteria. 

It's a basic banking practice.

Is there a basic percentage I can work off of?