To be sure you properly file and receive these credits, make sure you are working with a CPA that understands multi-state taxation.

You can definitely learn a lot from here and will soon be an expert (when paired with experience of course) soon enough!

With a wrap loan (purchase price plus renovation) with 20% down ($14,000), then you are looking at a cash on cash return of 26.4% which is very very nice.It looks like a good investment though I bet you could pair down the renovation and landscaping.

The really funny part is that I pick up rentals in the city proper that would sell for 10x as much in my neighborhood, which is less than 5 miles away.

What are the proper questions to ask and how do i get them to  put there home under contract with me.

@Shawn Thom - if this is truly a sub-panel that has been properly wired, then it would feed from a breaker in the main panel.

I still feel I need to learn more about the terminology and how to properly estimate rehab cost to be an effective wholesaler.

Anything that is not done properly needs to be fixed immediately, while the crews are still there.

That being said, don't be afraid to take on good debt that covers itself and gives you an income, but don't be too quick to assume lots of debt without financial backup and proper planning.  

That income will be aggregated with all other income, properly accounted for and used to offset the Borrower's liabilities.