And there will never be a less expensive lead source than referrals from relationships you build. 

@Marc ShinRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

JD manages a team of investor agents who source & underwrite STR deals.

Are you using to sites like Listsource and Propstream to source leads?

He says his source at a leading information provider, tells him that their research reports a serious drop in the number of "wholesalers" out there from 90,000 in mid 2022 to about 20,000 now, in fall of 2024.

Yes, there’s upfront risk, but with smart sourcing, furnishing costs can be lowered, and the margins can be better than they seem, especially in high-demand areas.Co-hosting and property management are solid alternatives, but they limit upside.

The cash flow and equity will make you rich in the future and you need other sources of income in those first years so you aren't relying on the cash flow to live off in those early years. 

I feel like I get laminated post cards from multiple sources/industries almost every day and I just toss them without more than a glance.

You can add language such as "Inspection for information purposes only" or similar to convey that you won't expect repairs or cash concessions from the seller, but you do not want to lose the ability to walk away if you find that the house is in shoddy condition and you should not trust an inspection report that is not from an independent source and provided to you outside of the seller. 

Urbana has one of the only Level 1 trauma center hospitals in the state located outside of metro Chicago, the university is a source of furnished housing, and Champaign county is one of only a few counties in IL with a growing population.