If I hire a broker the fee will be 5-6%, wholesaler will give me 20% less than house is worth.

Subtract your $20–30k reno and you’re left with maybe $15–50k before carrying costs, realtor commissions, and closing fees.

His margins have to be a lot larger than the next persons due to the fees and all that come with the full 100% financing.

Can anyone recommend an MLS flat rate listing service that doesn't require an additional commission payment or other fees at closing? 

When you factor the SP500 at 8% annually (which is where you are getting +-5mil) that's including everything.

I like to ask the question "if I pay off your mortgage, and there are no fees that you have to pay, how much do you need in your pocket to be able to move onto the next chapter in your life?"

For a deal like this, the biggest factor is demand in that specific community.

It would be very easy for a location to take rentals and not report the rental so you don't pay the fee. 

The main drawback is limited track record—the sponsors started in 2019 and have less than 10 years of direct real estate experience, with backgrounds in non-RE fields prior.Based on this, my current criteria for sponsors I’d consider investing with are:Focus on 1–2 regionsFocus on one asset classHave 10+ years of direct real estate investing experiencePrimarily dedicated to running investments (vs. running podcasts/courses/events)Appropriate amount of capital raised / projects going on in a given year.My question to the community:Are these the right criteria to evaluate sponsors, or am I missing key factors?

Red flags: poor communication, vague fees, or no clear process for evictions.