Sheep mentality to crises tends to mount when Mother Nature joins the party and that's when sophisticated internals break down and cleaning supplies are harder to come by.

Only the most sophisticated consumers, pros and investors know that your site values are not replacements for CMAs or appraisals.

Then I read something from another source that shows that banks are sophisticated in this process and are not going to be just giving away deals.In conclusion, if the influx of the problems of this "declining" real estate market is from people that are walking away, willing to have a foreclosure on their records and had no equity in property, then I would naturally assume we won't see the best wholesale deals until these banks really feel the crunch of having to unload all these REOs off their books.

I think wholesaling can be as simple or as sophisticated as you want to make it.

Don't calculate appreciation at all in your formula, ONLY cash flow IMO.I see a couple of guys who own 60+ properties I the couple of small towns I grew up in, and they are NOTHING special, they just simply bought every house they could for 25-55K spent $10K in lipstick reno, and rent them all out for 600-850/mo.Now the downside here, is that the mental bandwidth you'll need to communicate with this level of sophistication of tenant will be heavy. 

I'm sure he, along with a room full of attorneys and sophisticated buyers pulled off that deal just fine.

Birds of a Feather flock together.If you are an urbane sophisticate, having a roommate who drives a wrecker truck and welds for a living might not be as pleasant for you as someone more with your interests in life, and vice versa. 

Many wholesalers now are just doing robo calling and trying to get folks on the phone I get one to two of those a day.. most I don't talk to some times I will .. many of these are using off shore call centers so semi broken English reading form a script.. but they produce leads.. its just like buying a car.. the sales guy ( telemarketer) then hands you off to the closer.. then you have the I buyers backed by wads of VC money big advertising budgets and super sophisticated web sites that spit out automated offers.. the business is changing no doubt.. and there is no doubt like Will Bernard stated its probably the toughest thing in real estate to master ergo 9 out of 10 never get past first base.. 

Embedding is a pretty sophisticated way to manage finances that allows this sort of contributions, depending on the operating agreement. 

Specify what tenant responsibilities are, like reporting issues, keeping others off the property who are not invited, keeping the property clear of trash, inoperable machinery and personal items when not in use, keeping the grill out from under trees, shrubs and away from structures.