Our strategy is to generate significant long-term cash flow and worth by generating equity in each renovation so that we can cash out as much as possible from each unit and use it to purchase other properties.

But it seems like it has potential. it costs about 110k and it's a short sale, and it would generate about 1400-1500/mo in rental income.

A new car won't generate cash flow, agreed, but is there any value to it?

If your listing is adjusted to say 'owner financing options' or some such that should generate some interest, too.  

My business plan will have me wholesaling until I know marketing well enough to consistently generate the number of quality calls I need to hit my wholesaling revenue targets.

I am looking to generate some paper losses with some nice real world cash flows.  

The 50% limit applies to business meals or entertainment expenses you have while: Traveling away from home (whether eating alone or with others) on business,Entertaining customers at your place of business, a restaurant, or other location, orAttending a business convention or reception, business meeting, or business luncheon at a club."

Once you are licensed, you are not in the real estate business, you will be in the lead generating business.  

Also what type of cash flow are you looking to generate from your deals?

From what I've seen so far, the generation of leads is a lot easier in the US vs the UK, but laws in some US States kind of frown upon wholesaling and see it as acting as a realtor without a license, etc.