I guess I picked cap rate as an "indicator" just like an investor in the stock market uses certain "technicals" in evaluation of a stock.  

After you've done a couple deals (even if you don't close on them and just evaluate them) things start to happen more naturally.  

;)  I've watched Ben's BP podcast relating to his first major apartment building acquisition (in progress).

Wholesaling is actually a niche that I think everyone should start out with because it is not as easy as it sounds but if you get a level of mastery with it, it will help you in pretty much every other area of real estate in helping to evaluate deals.  

It gives everyone the chance to evaluate the property and submit their "highest and best" offer.  

I would love to hear some feedback now that I have made more progress on this property!

It's kind of a progression; just my opinion.Happy investing!

My current goal is to start evaluating properties in my area to get a feel for the market and the process in general.

You can gain some time on your purchase if you want to go under contract before your sale occurs by using longer due diligence periods, or extended closing dates with additional earnest monies down (if you use your own funds for this they can be returned at closing so only the exchange proceeds go forward).You can also generate some wiggle room on your sale by pricing and evaluating offers that come in.  

I'm new to BP as well, but look fwd to hearing how you progress.