Wholesalers are notorious for raising the numbers to make it look like a deal when it isn't.

The fact that it is flipped should have no real bearing on what you pay, however, the fact that it is flipped should give you other concerns....which may result in wanting to pay less....or not wanting to buy it at all.Flippers are notorious for cutting corners on construction.

Auction properties are notorious for hidden repairs (more so than traditional sales).

I have one tenant that is notoriously late and has all the excuses in the world.

Foreclosure/REO properties are notoriously difficult to work with. 

Be careful with the legal on anything you invest in because these types of opportunities are notorious for having a poor securities structure.  

Property management companies are notoriously awful MHP managers.  

Pleasantville taxes are notoriously evil.

Because the story started with buying a 50k co-op apartment bought  4 acres of un buidable lot in Rohnert Park CA  ( Sonoma county)  it would not perc  Sonoma county is notorious for tough septic rules.that was mid 90s maybe 96 ish 97 ish.. 

@Joshua Storm, some HOAs are notoriously under funded, meaning that they are not charging enough each month to adequately maintain the premises.