I would like to first venture into wholesaling here in the Phoenix area specifically the East valley but I'm open throughout.

Check crime records, test scores, tax rates,  and food deserts.

I think the most important thing is to have a very specific agreement of the work performed for what pay and/or rent reduction. 

Another tip, seek out other investors that you notice in the other threads that seem to know what they are talking about, check out their profile and send them a colleague request along with a specific question you have.

Working out the specifics before we enter the deal is a must.

I don’t know the specific areas as I have’nt researched this area but I’ve seen it mainly in Bentonville, Rogers, Fayetteville, and Centerton.

Are there any specific banks or loans we should be looking for?

Let's try to walk through your scenarios here | My responses in bold House hack live in one unit rent free | Very possible in some marketsMake $1k net per month | Usually feasible for triplexes and fourplexes in some markets, but you'd expect to have some value [Note: A deal like this are still out there, but are not the standard)Have 30k-40 equity after rehabbing the property | If you find a value-add play2-4 unit property | Yes, those you can find, no problem (market specific, again) Now, Mario, when starting out in anything (REI included) you have to be flexible and willing to sacrifice because if it were easy to get $1k/month, then a lot more people would be real estate investors. 

The Minnesota specific forms I'll need, an example of a lease agreement that has worked for you, a screening process that has had a high success rate for you. 

What specific problems do older homes have (structural, upgradeability, poor insulation, etc.) that you would look for?