And if I consider the appreciation from the held property, it'll absolutely turn a double-digit profit when it's time to sell. 

I put a disclosure that I am the principal in the transaction not taking a fee.. and I am buying for PROFIT or LOSS  … they sign and acknowledge that.. and if they want to sell for what I want to pay .. deal is done.if your think your going to tell someone their house is worth X when its really worth Y just so you can make a big spread that is greater than your commission or tell them your not taking a commission.. then that's your choice..Although do keep in mind most wholesale deals are distressed wrecked houses that need rehab etc.. and commission are negotiable.. there is no law of charging a higher commission for tough to sell properties.. if that is what your aiming to do.. 00I worked a builder out of a 22  duplex's he had built was having a tough time selling.. he wanted 30

They used to advertise lucrative rehab opportunities with them where one could invest with them and make 25% to 30% profit in matter of 10-12 months.

This property sold for 47k in 2016 so, unless there were repairs done (even taking a profit into consideration) the price is grossly inflated.  

However, I can't make these numbers work even if I lower purchase price by 20-25%.Is it possible that property taxes can be so high in a particular area it's completely infeasible to turn a profit off a rental home?

2 - Is it better to turn a profit within your first couple of years, or can you wait for year 20 to see any profits?

But he would have sheltered tax on the other $1 mil of profit. 

My next step is to flip a property for about a $35,000 profit and sell it within 4 months.

It’s not terrible advise if you read into what I meant .Im just telling the fella where the money is all going .hard to save for that next investment when your giving your profit out to everybody and their brother  wouldn’t you agree .I understand your point ,there’s a scale to the management but if you are just getting into RE sometimes self management helps you bring in more cash flow therefore allowing you to add to your portfolio . 

Offer the note for as a down payment on the real estate you desire to own.same as #3, but ask the seller to take back some paper also (if not all of it) this is called "papering out"create a note again on one of your equities - sell the note for a cash discountmake an offer on the property you want subject to a 1031 exchange or subject to an outright sale of another propertyoffer one of your properties for sale with a deep discount (you'll have lots of interest) with an option to buy back in a few years (you get cash and have an option to buy your property back - buyer has your property and cash flow for a period of time plus a great yield on his investment)borrow on your home - use the proceed for cash flow real estatedon't buy - C O N T R O L  the property you want with a skinny contract of sale - with the right to market and possession if it is vacant (do a little work and improvements) offer it for sale at price that will give you a nice profit  - assign your contract for a profit.