I want to use this opportunity to kickstart my real estate journey and am evaluating two options:- Purchasing a duplex and renting out one of the properties- Picking up a single-family rental in the area (alongside the apartment we use ourselves: either rental / owned depending on pricing)The two cities we've been exploring are Carrollton and Richardson.

It's a bit long but hopefully everyone reads this can guide me as a starter.When purchasing an investment property, it is important to calculate the "rental yield" to find out in advance how much profit the property will generate.

And in our second week he called and told me he purchased wholesale 75 properties and sold 20 making over 100,000 on 6 properties.

If you are trying to determine a purchase price there are factors important to the sellers and knowing those can help you get the best price.

At this point, I see only 3 options1) assign the contract to someone else, meaning sell the apartment (but I will need approval from the developer)2) talk to the developer and ask for a minimum one-week rental (Min City Regulation) at least for the 1st year to get over the bad time.3) to just go ahead and purchase the apartment and suck up any loss I might make and try to get in refinanced as soon as possible with a lower interest rate.What are your thoughts?

You owe capital gains tax on your new property net selling price, minus your original property purchase price, minus the amount the new property cost more than the net sale proceeds of your original property, minus any cap ex that hasn’t been fully depreciated.

Are you looking to purchase rentals in NC?

@Kesete Thompkins, if you an income based loan doensn't make sense for you then DSCR loans can be a good option for rental property purchases or refinances. 

For example, if they really want $500k for a property, maybe offer a purchase price of $500k but a lower down payment and interest rate (and a longer-term).

Your renovation money is separate, usually, from your purchase price and gets doled out in four draws.