Yes you are losing out on market gains but you are gaining appreciation on the property, cashflow from rents, tax benefits, etc..... 

Sounds more like trying to win a popularity contest, aiming to gain votes and likes from people here that also have something against wholesaling.But OK let me play along.Let's fact-check this:OP: "It’ll truly be strange to even hear people and gurus trying to make big money off it."

I wouldn't bet my life on 50%, but I would bet they are more problematic than the typical long-term renter.

The Numbers:Cash Flow Analysis: Investors typically look for properties that will generate positive cash flow—meaning the income from rent covers the property’s expenses (mortgage, taxes, maintenance, etc.) and then some.

The 2 year mark would save you on taxes, if you have a gain within 5 years, but it seems like you're in this for the long haul.Some advice for screening tenants.

These are not great investments and while the experience is not typical for Memphis, nothing I've read or seen should lead you to believe your experience will improve.  

If you don't care about income and are more of a capital gain kind of guy, prices are already high (as you noticed) and there's plenty of land available to buy so I'm not sure how much is left in the tank.

As you gain experience and tackle even bigger projects, you'll realize that what once seemed like a mammoth deal becomes totally doable.When it's crunch time, there is no room for improvisation.

Make sure this enough gains to make it worth worrying about.

This benefit allows the owner’s estate or heirs to receive the property at a new, higher basis—reducing capital gains taxes if they choose to sell the property after inheriting it.In short, partial disposition allows tax deductions for retired property components during ownership, while the death step-up basis resets the property’s depreciated value, providing tax relief for heirs.