I think that at the end of the day your decision with what to so with this house should be guided by the numbers and what you feel most comfortable with.  

Of course, you need to read The Ultimate Beginners Guide to REI here on BPIf you haven’t already, please read/listen to these books ASAP!

I've seen guides that base classing basically on age, but that measurement seems out of step with the age of most buildings out there in 2017.

Make sure to read the Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing

However, I am very concerned about wholesaling the proper way.I've listened to people at seminars, seen wholesale leads bombarding my email, read a guides, and watched webinars, but I can't seem to find a practice that truly seems comfortable and legal.I understand the general process, put a property under contract, and sell the contract.

Hey Henry, I have an architect that specializes in Flushing/Bayside and would be the perfect resource in guiding you towards the right direction.

I use these guides (provided by the city) as a quick reference.

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

And the reason I wanted to use a realtor was to help guide me through my first deal but from the looks of it I will be getting a good real estate attorney instead.

The strategy is best described in Joel Greenblatt's fantastic book, and an outstanding practical guide and tool for executing it can be found over at the Magic Diligence website.You can do either (or both) of those using the "leverage" of Options, allowing for substantial upside potential compared to standard stock purchases, with dramatically reduced downside (if you want a no-hype education on Options, Erik Kobayashi-Solomon's book is great).Those with the patience and inclination can indeed use Option trading to make money in any market condition (Wikipedia founder Jimbo Wales, Amazon's Jeff Bezos, and "Black Swan" author Nassim Taleb all spent time -- and made lots and lots of money -- as options traders in their careers).For even more leverage, you could of course do any of the above (and much more) on margin (meaning your brokerage lends you money to do the investment), though that's not something I would ever do personally.Also, if you focus on holding stocks (or options) for at least a year, you benefit from favorable tax treatment of the profits.