The risk is way too high for newbies, to justify the reward.

With any investment there are risks, but how much control you have to mitigate risk is what makes the income snowball a low risk strategy.

However, we are in Colorado in the mountains and the fire risk is high and real.

It's less risky for you if it doesn't rent well and it's more profitable for him (most likely) without the headache.  

So the risk is lower, as long as the market doesn't drop 20% and stay that low for the next 3 years. 

And just wait for the answer, and what ever they say you might reply with your value proposition like, “mr and mrs seller, as a new agent I will only be working for you, you will be my one and only client and I will dedicate my every waking moment to sell your home, wouldn’t you want this much dedication to you and your home?”

But I also didn’t have all the negative Nancys (sorry Nancys of the world) saying it was too risky too late or couldn’t be done.

1031 arms length could be risky?

It is harder, more difficult, more risky to wholesale without a license.

The second flaw is the idea that you can refinance your way to wealth - that has always been very risky even with low interest rates.It is called in-vesting for a reason.