Rules to follow in real estate investingif the numbers don't work don't do it don't get emotionally involved with sellers, you have to be an a****** about it, but you do need to be realistic about what's possible for you to help them, look at joint venturing with the seller to fix up properties and get some kind of profit by helping them

@Petar Skobic If you have access to the Georgia FMLS, you will also have access to public records and "Realist" which will provide ownership and conveyance information for all neighbors around the subject property.  

You can always put it in the BP rental calculatorIf your rents are realistic, and you say about half of that is going towards expenses (a generally fairly accurate number) then your net each month is about $1650 per monthYour mortgage payment will be about $950 per monthNet cashflow on paper based on the numbers your laid out is very solid at around $700 per month, and about a 9% cash on cash return.

I wasn't aware a person had to be cautious of the profit other than having a realistic purchase price based on comps, appraisal, or BPO. 

Repairs: Have the property inspected and come up with a realistic value for what the repairs will cost you.

I am interested in starting out with fix and flips and wholesaling but I have an idea to kind of jump start things on the side, that I wanted to know if it was realistic thinking.

I have lots of clients who do that, you just have to consider the real value after you fix up your property and if you can realistically get back your cash.

My question is… I understand the concept of making your profit when you buy, but how realistic is it really for a new investor to find a 10% - 40% off property to buy?

Sounds good in theory, but, realistically, how many such (extremely foolish or desperate) sellers are out there?  

I'm not sure if this will work out realistically, but I'm hoping to simultaneously negotiate all my deals from both end (try to purchase for cheap from seller and sell it for a bit higher to end buyer.)My fear is that I would get stuck with a property, so I hope that if I find a buyer for the property the same time I negotiate to purchase, I can assign the contract without fear of being stuck with it.