Start with the 70% rule talked about here often*.

"I work full time, and I'm inexperience with construction so I am choosing to hire a general contractor to walk through the property with me (before the offer) to get a thorough and accurate estimate (no rules of thumb).

Fannie/Freddie money = Fannie/Freddie rules.

My rule for wholesaling: Buy at a steal, sell at a deal.

Then you can use the 50% rule (well discussed throughout this site) to determine your offer.

I think you are referring to the 90day flip rule.

Seems like you've already got some great people in your area to network with.I'm a big proponent of the 50% rule for evaluating rental properties for cash flow.

But first I have question.Do foreclosed commercial mortgages still have the listing exposure rules that conventional mortgages have?

This is a great example of when the 50% rule fails us (@Ali Boone will love this!)

Hopefully you find the right tools here to make some good "buys" that result in the passive income you're looking for.I highly suggest looking up the 50% rule and the 2% rule (rules of thumb).