I want to learn more about Real Estate as well as want to become an investor in near future, not only in Pakistan but in major cities of the world. 

This (or something similar) may work for you if you are willing to give up cash flow for a few years to buy out (via the 2nd) your investors quickly, then retain majority ownership. 

I just need a little direction on the process and major thing to look for when searching.

In any profession there are the talented and trustworthy and wholesalers like yourself are the exception but as you can imagine all the newcomers with little experience,who just took some webinars,have little cash or credit and have not developed their end buyers is the vast majority. 

I've seen the majority of investors I've come in contact with downplay water and/or mold issues, and it's really irresponsible.

It was a major frustration given my expectation for a quick fix.

I believe, majority of you have been in such situation.

The vast majority are harmless.

As far as property management fees my wife is a local property manager so I did not include that, also as far as capex I don't see any major expenses as the roof is under the hoa, my business partner is a licensed hvac tech and regional rep for a local hvac/plumbing company and we can get all units and parts at well well below cost and install ourselves like we do on our flip properties.

Your cpa will be able to get the real numbers for the major components of the house.But you must choose a depreciation model and stick with it.