I’m aware that I’m excluding fees, expenses, rehab estimates, etc. but let’s keep it very simple for now.

It is literally someone finding a property and bringing it to another and getting a payment/commission at closing from that person. 

The simple ROI formula is profit divided by total cash out (leveraged funds excluded).This is why you can often see huge and even infinite ROI numbers when the cash outlay is minimal.Example, down payment, utilities paid, renovations costs not financed, insurance payments, and all other cash out of pocket equals your cash investment.

LLCs by contrast are relatively simple to set up and maintain and much more cost effective than our neighboring states.

We prefer a simple range hood.

I'm sure Max doesn't want the holy wars to continue on a simple post asking a simple question. 

That is the simple answer. 

Again I am literally just a man with an idea and the will to pursue it.

I have 12 properties and I hear from a PM once a month on average and have to spend literally no time on them. 

It is my understanding that there are not regulations placed on these wholesalers.Can literally anyone be a wholesaler?