All this together will let me know if a deeper look is warranted.The danger occurs when you mechanically start applying the "y% rule" without a solid understanding of the underlaying fundamentals.

I am a pretty decent mechanic.

Well I am going to disagree.An alternative to wholesaling is to do a joint venture with the home seller, where you don't buy it but offer to do a mild rehab, let's say a house that needs updating, MILD REHAB, "grandma's house", Say Arv is 200,000, needs 20,000 in work, I like probate houses for this, the heirs want quick solution.Offer this to the seller, Mr Seller, we will do a joint venture, I'll come in with my money and do the rehab, pay the workers pay materials, then will use my agent to sell, pay the commissions and the closing costs, and then when the house sells I'll get a check for what it cost to do the rehab, and I'll charge joint venture fee, and that fee depends on a few factors.The mechanics are buy it sub2 or a note w no payments, own itGet private IRA loan for the $20KPlace guaranteed profit JV agreement for you and the sellerThen improve it - list it at 97% of comps with a high producing agent - work with agent on improvements as far as what buyers want."

There is a legal mechanism to start your syndication's capital raise structured under the 506b exemption to allow your sophisticated, but non-accredited friends and family to invest before transitioning to a 506c to allow marketing your deal to a greater audience that might not meet the prior substantive relationship requirement.

Make sure you verify all repairs, issues, taxes, lot fees, ages, utilities, appliances, mechanical systems, walls, windows, roof, etc yourself. 

@Adam Abdel-Hafez, I'm working on finding an HVAC guy to look at it before I start the rehab to see what can be done to improve it, but I don't know that much will because it appears to just have one return and I'm not sure that there is a way to add another one because of the way it is place in a small mechanical closet with the water heater. 

My father dropped out of school at 14 years old and worked as an autobody mechanic for his entire career.

Anticipate a guestimate of 3000-4000k per door to get a base rehab done in that demographic, and would not include roof, mechanical, structural, exterior.

These are not deep dives into the return metrics that go along with an investment property but will familiarize you with the lingo and mechanics of a real estate transaction.

Multiple mechanical failures (hot water heaters, boilers, ect)