Increase time spent conversing with each lead that you get to learn more about how they view the property and implement reasonable changes accordingly.

Bob arranges the money for Joe, so the bank is short again even though Bob could have paid more on the debt.

Quote from @Blake Grzybowski: I am a wholesaler in Michigan and would like to start reaching out to potential sellers who are Maybe foreclosuresdaily.com, maybe see if any of your title company partners has access to titlepro software for leads. 

The advantage if needed by calling it an investment home is that you can use the potential income from the property to help your debt to income ratio where you cannot do this on a second home. 

This can lead to "renegotiation" demands at the closing:(Other Potential Issues to Consider:Being in the chain of title is also exposure to potential legal issues.Selling an assignment may be a violation of a state's real estate statutes.Wholesaling w/o a real estate broker's license may violate your state's statutes.I'm sure there are more...

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.

Just be cautious of DTI (debt-to-income) ratios when qualifying for additional loans if you’re relying on projected STR income—most lenders require at least 12 months of rental history.

TLDR: Pre-approval seems like a good thing but it can lead to lost bookings or a time sink (has anyone spent less than 20-30 minutes on the phone with VRBO trying to fix something??).

Got the lead from the cold calling agency I use.

Or we print xxxxx dollars to cover our interest and debt payments.