But I learned that there is lots uncovered and I also wanted something that has more details.

Sounds easier if I want to go fast as the hare but not really sonic the hedgehog fast. 

Curious to know if other investors have had experiences where they acquired a property and realized a huge expense that they otherwise did not expect or uncover during due diligence?

That is entirely up to you if the offer you are making to the guy is a lot lower than you think he want I wouldn't even bother but a whole home inspection isn't a whole lot of money many people use the inspection to uncover latent deffects that you may not realize initialy if you could find a good handy man they may be able to point out what needs to be worked on and most contractors give free estimates I would do it that way but like you said at the same time the property must pass and inspection and appraise in the end if you are seeking conventional financing , I would find out if the guy is really motivated to sell first of all the inspection comes after you have a accepted offer not before .Goodluck

Perhaps the facts are that the seller does not have any money to do deals themselves and must wholesale, or perhaps teh deal is too tight and they have exagerated the exit price, underestimated the rehab costs, etc.The truth is, these things can easily be uncovered through proper due diligence.

Uncovered owners name, and a possible telephone number.Went back to the house, and talked to the neighbor that lived across the street, the owner was a single mom that got remarried, and they simply moved .....Thanksgiving 2009.

If you're an old RE operator and doing this, you're just unethical as you should know better.I guarantee you, that as your tactics are uncovered in your community and with Realtors, HUD, fannie, banks, etc. you'll be on the quiet black list, HUD can bar you from doing business with them!

Invest in a company until some scam is uncovered?

Judging by the rent and approx payment, it doesn't appear this would be a cash flowing property, and the appreciation that MAY be 5 years out MAY be nice, but the return MAY not be so nice if you incur high maintenance cost over the next 5 years (Especially if the cash flow is negative).I'm thinking "What other exit strategies can I work on for this property?"

When the Fed stops inflating, like they did in 2005-2006, suddenly the entrepreneurs miscalculation is uncovered and they all cry boo-hoo about deflation.