You should also be able to verify a license, bond, and workmans comp on the site too, at least in California you can.

So if the property's value has declined, you will need to reduce the depreciable basis of each of your components pro rata until your total basis equals FMV. 

There are two more critical components to choosing someone to make and execute your investment decisions on your behalf.

You will most probably need to have a Phase I Environmental Assessment performed {unless the owner has one that is recent, s/he is willing to share} both as a lender requirement and for your own peace of mind.

Find a good full-service environmental consulting company, not a home inspector or guy who only does mold and  have them collect non-viable air samples.  

I would also ask for a copy of the environmental report or property condition report which I would assume were done before the rehab. 

UCC liens, financing issues, entity structure, business valuation, property valuation, environmental studies.I have been involved in the brokerage of many gas stations.

Completion of satisfactory physical and environmental inspections of the Property.

Also, when kick starting a wholesaling business what are some of the key components I should focus on?

And cash flow is only one component of making money in real estate.