If you buy a rental, you may generate a yearly profit if all goes well, or you may not. 

This will be a Class A property for Baltimore once completed based on the rehab cost you're projecting, you can have Class B or B- property for far less money generating a much better return on your investment.

Make sure your next contractor is licensed and insured, so it will go smoothly too.If you are a big fan of craigslist, or any other lead generation sites, you should not be complaining here, you want to hire unlicensed individuals or any other person who doesn't know how to file taxes, or run a business, just because you want to save money, don't expect get the professionalism or legal way to do it.

.* At this point, you, as potential purchaser, with an exclusive purchasing right, shall have to constitute an earnest money deposit at our agency, within maximum 72 hours from generating the contract.

Easy...and I base this on my market, which could also be considered many midwest markets:1 Buy 10 - $50k cash flowing properties (no these are NOT Class "C" problems) with an average of $800/month Cash flow (with no financing).2 - Hold for 6 months generating about $48,0003 - Find Partners willing to be credit partners on refinancing for 50% of the deals (meaning 50% of the cash flow, equity, depreciation, Cash Out at Refi, etc...)...they would need NO CASH to put in...just their credit.  

We're looking for a few flips to generate some capital and then buy and hold.

I agree with @ CrystalH. in that you'll find it very difficult to find anyone willing to lend such a small amount because the cost to book your loan will exceed the fees/income generated by doing it.

most people have equity in their home so they will just go with a realtor.and if they have an estate sale, they'll also want to go to retail.most of the wholesale deals I see are generated from the MLS. there's really no margin when you do that to wholesale.in the end, there's just not enough meat on the bone.

Real estate has always been a passion of mine, every since I was younger, I am also a licensed 2nd generation Home inspector, can't wait to get active in Real Estate Investing!!!

My family for generations have and were stuck in the low station of life and way of thinking.