Make sure you learn the markets.

In Cleveland you can find below market rental ready duplexes that require minor repairs (keep in mind that discounted properties come with their own challenges).

Any tips for navigating the competition in such a hot market?

I still am on the lists of all the major wholesalers and still show up to showings occasionally on properties that might have enough margin for me but have not purchased recently from a wholesaler.Just like Adrien says, they provide a service of marketing and negotiating contracts for you.

The benefit to buying cash and refinancing later is that you can close on a property quickly, which works in your favor in competitive markets.

However, many states now require some version of a license to wholesale, so I'd identify a market first and then dig into their specific wholesaler requirements. 

I'm happy to answer any questions you have about analyzing markets or getting started.

What's your criteria for the market you're interested in? 

One unit was rehabbed with $15,000 and a new leaseadded at market rent.

Lenders do not look at your personal income or debt and will use the current market rent or lease (up to 120% if the lease is significantly higher than market rent or vice versa) as qualifying income.