Some folks have done quite well and others have gone bankrupt.I would do a search here and read all about it as there is a ton of info on arbitrage.

Depending on your situation, you might get to choose how you want to be taxed—like as a sole proprietorship, partnership, or corporation.

A current landlord may want this tenant out and be willing to give a good reference to suit their own interests.

I am a new real estate investor who is looking to close on my first deal in the next 2 weeks and I want to be prepared for tax season.

This is generally going to be a loan product for a long term buy and hold property. 

Currently just ran the numbers myself and I am getting 31.85% as well.

  $98,000 cash has been put into the properties (one duplex, one 5-plex, one 4 bed single family...three total properties)Each property must stand on its own, so the numbers would need to be split accordingly. 

A fairly reliable wholesaler who buys across the country, and spends $100,000 a month on advertising, also trains people to be wholesalers.

Any advice or tips on taking over a lease would be greatly appreciated - specifically around questions to ask before close, mistakes, and best practices.

However, you should be able to receive emails for your leads and also text messages can be enabled in some special cases.