I attempted to engage her in discussing some options and she seems highly engaged and interested, however, as I am still in the what I feel to be "learning" phase, I'm not sure how to progress.

Ideally before I make my offers, I will have looked at the properties and gotten accurate repair estimates and ARVs via the help of trusted contractors and realtors (until I am able to gather accurate ARVs and repair estimates on my own).Once my offer is accepted, I will sign a contract with the seller and begin my inspection period and open escrowDuring the inspection period, if something bad comes up with the property, or if I feel like I cannot secure a buyer for this deal, this will be my opportunity to pull out of this deal and not tie up the property any longer.I will then complete all paperwork and coordinate with my seller and buyer to meet for closing.At closing, I will attempt to double close if possible, if not, then I will assign the contract to the end buyer.Starting off, I will keep contact with the buyer throughout his/her renovation and selling process in order to learn what the exact repair costs and selling price were; this will help me to make more accurate calculations and estimates in the future.I will perform my deals and operate my business with honesty and integrity.

I have attempted to provide some information value based on the Indy Vitals data.

I have yet to go out and attempt my first wholesale deal.

Have you attempted to get quotes from painters regarding the cost to strip and paint?

Use the property in the Summer, and attempt to est it out the remainder of the year wherever possible.Is this a condo or a SFR?

I do not want to attempt to take some of the closet for this remodel FYI. - Bringing my bathroom up to the level of the rest of the condoThis is a loft and everything else inside is exposed brick, steel beams, original hardwood floors, with a lot of original art on the walls.

I have had notices pop up in the past where it would be "3rd or 4th" attempt but not have had anything come in.  

You need to know all of your numbers on the house more than you would just a normal deal if you want to attempt it.

So, in summary, I think such rules are very dangerous if used as a tool to bypass actual thought and analysis, which so far as I can tell is the way most newbies attempt to use them.