The minutia stuff, like paper work and who pays sales commissions is different but the process (do comps, buy smart, update kitchen, baths, floors, paint, hire solid property manager, is the same.  

The homes needs about $3-4k in work to get it up to rental status, new flooring, paint and some minor stuff that I can do.

I know I have to separately depreciate appliances, but I was unsure if I could file things like painting supplies etc. under one schedule E.

@Michael DelpierIsn't the bagster the biggest rip off of them all?

My last wholesale property I sold for 17k and was rent ready minus carpet and paint and will rent for 675.00-725.00 Property taxes are 90 or 100 dollars. 

It has fresh paint and new appliances.

Just paint and maybe some flooring like Carpet or Laminate in certain areas, and maybe a minor rehab of the bathroom.

@Alex Bradley hey man I'm a wholesaler too, and I'll be honest no one answered your question, the mailers CAN work but they most likely won't where you live, competition is ridiculous, getting in touch with people before anyone else is the key, I would check your county recorders website every morning for motivated seller, like pre forclosures and private and tax liens and then skip trace them with a really good skip tracer like lexisnexis or irb, crap like white pages or spoke can be useful once in a while but rarely has accurate info, to get that you need to spend, and that's what I would advise spending on, put those lists together daily with your wife and skip trace them and call them on a mojo dialer that day, and where you're done maybe do door knocking or d4d, but creativity is really important good luck brother, add me on Facebook Riley Neilson, I own luxe painting on there still I think, or flying n llc, I can't remember

All units are in middle of being fully renovated with all new appliances, flooring , fresh paint etc . 

Additionally, I changed the carpet/retiled and painted to get rid of the smoke smell.