I understand it varies deal to deal and sponsor to sponsor based on the strength of the deal, sponsor, etc. 

I don’t understand it either.

Check Rentometer and Craigslist to get an idea of rental rates, understand how to calculate all expenses (especially how to look up property taxes and get insurance quotes), and interview multiple property management companies.Hope that helps and best of luck!

I think I understand that because I’m not able to max out the cash out and still generate the minimum level of cash flow is why there is dead equity?

This sound silly, but I'm not sure I understand the basics of hard money. 

Was a brief conversation so don't know who manages it.Numbers I understand.  

If done properly, wholesaling is legal in all 50 states.The improtant thing is to make sure you have equitable interest in the property (which from what I understand can include having a contract to purchase in place).

We understand that we'll not hit homeruns on every deal, and this is just a part of the business. 

He has a chapter specifically for real estate - this will get you to understand what options you have and why putting something in place is so important.2) Yes, once you set up an LLC or LP to hold the property, I would set up a business bank account and deposit all rent checks, plus pay out all expenses from that account.

It's really tough to be able to just give you broad advice without knowing what areas of investing you are looking to venture into.