This makes our overall profit look pretty decent, with a 12% return.

If you want to flip another property, and you are planning to do it often, getting an S-corp would save self-employment taxes (15.3%) on a part your profit after paying yourself a salary.

I wish you all on time rent payments and profitable flips! 

HOA fee - If HOA fees are not paid, business will incur fines, so it is necessary to make the profit in the business.8) Marketing expense and advertising9) Cleaning and maintenance10)Commission (Expenses like commission, abstract fees, recording fees to obtain your mortgage are not deductible but rather capitalized )11) Insurance12)Legal and other professional fees(Tax preparation for business, not personal part)13)Management fee if applicable14) Points- you generally cannot deduct the full amount the first year but have to deduct them over the term of the loan.15) Repairs (Note always do repairs rather than improvements to rental because repairs are deductible right away and do not have to depreciate over few years as done for improvements.

I suspect your not going to make much profit on this deal when you get everything calculated out . 30k can get eaten up pretty quick with water damage

It seems very sketchy, but ultimately it could be very profitable. 

I’ve declined people for simply not completing a application.

If you do not have the money to pay such a person then maybe look into a joint venture type arrangement where you share upside profits for time invested.

I want to start whole sale but idk were to start from   how do I get properties  and how do I put them in contract and  who  puts them on contract  and how do we make a profit . 

Unfortunately I found you are simply doing yourself or owners you manage for a disservice if you do not raise rents to market.