Thanks - so far, so good - I have a two story place on a lake and there's about 12 feet of height between the top of the lake and the floor of my house, so I have some room to work.

Depending on finishes and contractors, I was given a price of roughly $250-$400/ BSF (buildable square foot). 

I'm trying to get my feet wet with wholesaling and I want to understand better the process of "analyzing deals", and "understanding the market".

Have about 150k to get my feet into buy and hold strategy. 

It went on the market and I dragged my feet too long, “analysis paralysis.”

We've worked very very hard and now we have a 3-bedroom 2-bath single family home on a canal in Fort Lauderdale (Lauderdale Isles) with 65-feet of new dock on the 60-foot wide canal frontage--there are no fixed bridges from here to the Pacific Ocean, a 5-mile trip along the New River.We owe $326K on our 4.25% FHA mortgage, just now added $70K in high-interest debt to pay for the renovations, and when complete we estimate the property will sell for $900-950K; similar homes with pools (we do not have a pool) are selling for over a million.

I mean,  those nice people.The way you do it is just going to Zillow, look at the properties recently sold (that yellow ball) make sure the properties are as close in location and characteristics as your subject property and you just pick 3 to 7 similar properties and you take the average of the numbers, or you calculate the cost/square foot which ever fits the situation better and you get that number.NOW... this "solid" analytical method, I did when I was more of a beginner.

I'm looking for my first investment property to get my feet wet and hopefully learn and grow a successful portfolio.  

Considering she was getting around an 10% return from the property as rental [She got $1500/month in rent, assuming 50% expenses and a $80k home value], then a fair haircut would be 2-4%, which still puts you squarely in rip off range, in my opinion. 

For a one or two bedroom apartment (700-800 sq feet); 4 hours would be the total man hours and another hour to shampoo carpets.