In terms of the answer......I'm cheating here but @Jon Holdman had one of the most concise descriptions of the rules in a post awhile back so I thought I'd just repost them here.The one exception I might add to the 50% rule is that I've seen some people suggest the 50% includes PM fees.

I fit into the description you mentioned of no prior experience but a string desire to make a better life for my family!

Such as wrong legal description.

These are great, detailed descriptions of experiences that definitely warrant some caution. 

This wholesaler has been very upfront about the properties, descriptions, owner's asking price, wholesaler fee (which is higher than $3-7, but Boston is a pricey market), etc...  

The jobs would start small (installing a new security light, repairing a bulk head, installing some new gutters) and get larger (kitchen and bathroom update).If there is someone you'd recommend, have them message me here with their email address / phone number and a description of some of their past work.

Things such as the financial numbers, property description, general location, goals, etc.

Snags I've run into recently:Inaccurate property description/survey making what exactly is being conveyed questionable.The last property I purchased from Fannie Mae turned out to be actually owned by HUD.

I never saw what his bathroom sink looks like but I figure from his description, it's something like this. 

However the description also mentioned the kitchen was updated.