I read Rich dad poor dad when I was in college. 

@Rob CeeI very much agree with you too that at low levels most CF portals allow one to invest, due diligence does slide off. 

It really depends on what exactly you are trying to do and the banks level of comfort/familiarity with what it is you want to do.

And if the car had cosmetic or mechanical issues, you'd want a price break for those, too.Before buying my first investment property I had bought and fixed up cars to help pay my way through college.

So it comes down to comfort level.  

I currently work for a mortgage company making $40k a year and am a senior in college for Business Finance. i have around $30k in the bank and currently own a townhouse.

Lack of funds is just a high level excuse because the money will always appear if the deal is right. 

Im a recent college graduate and heard about wholesaling from a few infomercials regarding the Philly area, so I decided this would be more interesting than a full time job.

A minimum level of quality is important too and higher quality is obviously better, especially for flips.

As a wholesaler, you want to purchase the property (or get it under contract) and either assign the contract or sell the property to a 'rehabber' or retail buyer who finds the adventure of rehabbing their entry level home thrilling.