Could there be uncovered violations you are not aware of?

It was worth the wait.It was 3 years before we decided to look for our next property - and that took about 3 months to uncover.

What I consider a garbage property is a property in a location that won't allow for much appreciation, or a property so screwed up that it will hardly appreciate (a property with a major flaw such as totally screwed up structural issues)Networth can be created by 3 things.1 Cash flow that is saved.2 Appreciation3 Equity through paydown of a mortgageSome investors only focus on #1.  

Haven't seen interior yet except peering thru windows but estimating about $35,000 to uncover and refinish hardwood floors, replace some windows, paint everything inside, lite kitchen updates, some new appliances, and light bathroom updates...budgeting to replace one boiler immediately.It's up/down 3 bed 1 bath on each floor, would rent for about $1400 per side in as/is condition, but could fetch 1750 per side if updated.  

Courts of laws in most states treat them the same and due to their innate flaws, the owner/holder ends up on the short end of the stick, lesser to those rights and enforcement afforded in a proper mortgage or deed of trust.

. - Its good that you are doing your due diligence and you should always look to uncover any sticking points for you to question.  

We were throwing out questions about REI and came across wholesaling and he said that the strategy can work but has a potential flaw.

I'm merely pointing out the flaws in some of the statements / reasoning found here.  

IMHO your first assumption is flawed. 

I assume by inflation you mean the CPI...Besides being a terribly flawed government stat, it is a worthless proxy for the rental rate of 123 Main St, HappyTown USA.