You will be surprised that if you can find a good deal, you need very little money to get started in real estate. 

If you have a 50-unit complex and zero units needed to be repainted, I'd be a little surprised.

Surprisingly there are actually a fair number, but not as many when compared to DC.  

A tight system of regular inspections removes surprises on everyone's part. 

You can get assessed above your budgeted monthly nut, whereas in an apartment situation, sure you can have unexpected expenses anywhere, but what is controllable, YOU control.

Hah yeah @Ozzy Sirimsi, and I don't think my wholesaler was being disingenuous, I get the impression he was surprised as well. 

That doesn't leave anything to pay a property manager, leasing fees, to put aside for unexpected expenses, or as profit for you.Point is, based on the information you shared, it sounds like you should wait and learn more while crafting your specific real estate goals before jumping into this turnkey deal just because you "know a guy".

You can also get a seller's inspection report first, so that there are few surprises when the buyer completes theirs. 

@Andre Harris I understand how it works, it's more about what happens if the flip takes too long, the credit cards don't have a high enough limit to cover unexpected costs, the impact on your credit score if "utilization" is too high.  

But I'm surprised you didn't decide to keep the black walls with red trim!