Great job, that is one of the keys to wealth,  Wealthy people can delay gratification, and are willing to work for it. 

It's the reason most wealthy people hold real estate in their portfolio in some capacity.

Not every deal is going to make you wealthy overnight. 

All of my wealth is tied up in real estate. :)

Keep doing this until you go insane or are independently wealthy. 

There are a couple of groups still flipping in the area, but they are mostly very wealthy individuals who work as a team and are just looking for returns slightly better than the stock market.

Either they are so wealthy that they live in an alternate reality, or else they are just rare.

It is possible in the long run that the surrounding areas will become wealthy areas as well.  

I've said it many, many times - out of state deals are where wealthy California investors go to lose money - especially Texas.

Plus if you do SLO's, that's how you get bigger wealth I have a cooperative lease option agreement that outlines exactly what I plan to do which does tell the seller I will be assigning be the contract to another buyer.