You will need to seek the guidance of a seasoned local investor and/or title company to help you with sale cost projections for your area.5.

Also seek out your local REI clubs around your area and become consistant.

Hey guys! I'm just getting into the business of buying/flipping houses, or buying to rent out to tenants. Just wondering if anyone out there can give me any advice on good ideas for my first investment. Only 20 years ...

To reiterate what @French Broad said the best thing to do is seek an attorney's advice.

However I would like to start building a portfolio of cash investors and seeking out prospective properties for them (wholesaling).

All of BP breathes a collective sigh of relief :)  Your QI should have the answers and processes for all of your other questions.  

The sad thing is that landlord tenant laws will still require you to give an accounting of how the security deposit was applied and that must be done within a specific time period or else the tenant can seek double or triple the amount if the deposit as penalty. 

When I started with my first rental, the person who counseled me suggested asking less than market rent to find the best tenants possible, even seeking a few competing applications.

He may also be able to see some tax relief if he does an installment sale (kind of like an owner carry of the note, but slightly different).  

Oh and I learned what a "put" and a "call" were in regareds to investing in the stock market.I have purchased, rehabbed, and currently seeking tenants on one home and  have made an offer on another.I have learned so much from the podcasts and videos and just plain stalking the forums it is amazing!