Unless you're renting to people who cram dozens of people into every corner and share beds, etc....I would go high class and do (2) 10 x 12's, that's only 240 SF and leaves you 300 SF for living/kitchen....do a Jack n jill bathroom between the bedrooms...

Houfy is a great cheap option, but I highly recommend creating a branded website to enhance your guest experience and be able to house resources, local favorites, etc. 

I’d definitely offer with an inspection contingency.ARV on a good quality rehab is 175k+, with some really solid comps to back that up. 

Need to identify apartments in high demand locations where on a per bedroom basis its below market pricing.

Definitely soak up all you can from your mentor and keep pushing with wholesaling—it’s a solid start.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

I will definitely be trying this out for one whole month along with other rental property calculators out there.

The definition of "average" can range from one extreme to another. 

I would highly take his advice on a lot of this.  

I would highly recommend getting proper advice from a CPA.