Obviously I'm speculating here, and you should double-check all of this with qualified professionals who have a fiduciary duty to act as your agent. 

Again, it's all speculative until you actually have to file a claim and an investigation is undergone and completed. 

Jon,I agree about wholesaling being a "job", but that's because most people are taught to wholesale as "speculators".  

The last guy was under contract but couldn't get financing, maybe this is part of the reason why, but that's purely speculation.

To speculate based on your post, perhaps the manner in which you are capitalizing and calculating the renovations is the issue that offsetting the two numbers.  

And, you're correct, we don't have enough information to know what's going on which is usually the case in forums and our speculations as to what might be going on.

I think we could all sit here and speculate all day as to why the property is listed at a particular amount and still not finish. 

Sure ... but that's more speculating than investing in my opinion. 

http://www.redfin.com/research/reports/special-rep...7 attributes of the urban neighborhoods where the young and educated clusterThere has been a lot of speculation about how the millennial generation (ages 25 to 34) is affecting today

One other thing, don't be reading Dodd Frank posts here prior to around Feb of this year, too much speculation before the final announcement.