I would contend that the risk premium for a non-owner-occupied investor flip would carry a much higher risk premium than the Fannie/Freddie 30-year fixed.

I'd say the majority that apply ahead of time without seeing the place, don't even qualify and are just throwing darts in the air to see which one they can get, and aren't really serious contenders.   

As much as we like to think there is a SCIENCE to marketing, I've always contended that it's more of an ART.

I know 98% of wholesalers will look at this post and think (or say) 'he doesn't know squat...' but I contend if those 98% actually made a dime wholesaling, they would learn quickly that using "investing" methods (exchanges, installment sales, depreciation allowance, etc.) will not work for IRS non-investment transactions.

You may also have your state regs to contend with besides Dodd-Frank.

If you default, the government agency backing the loan may contend you never intended to live there, hard to prove, and you may not have all the default protections an owner / occupied loan has.

After a few weeks of market research, we have narrowed our search to three cities with Murfreesboro, TN as a strong contender. 

California is such a vast state, that there are pockets where wholesaling is very profitable, and areas such as Orange County, where there are very few opportunities for salers from what I see.As for working as an agent, there's still a tight real estate market to contend with, so the deals aren't just falling in anyones lap, so .. what's the wholesale market where you live, and the traditional market that agents work?

Joshua you are in the ring and all of my respect goes to you, the contender, but, I dont think anybody who is knowledgable and a regular contributor needs their numbers to drop.

Regardless of the back and forth, I still contend that for building a "buyer's list", you have much better options out there, why go down the bandit sign road if you don't have to!