It can be done successfully but you need to understand all the risks before doing so.

If you don’t have an accountant, find one who understands the industry.I use Quickbooks desktop edition.

She understands the difference between an investor and primary home buyer.

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).