The important distinction is that the 1st buyer (probably you) comes to the closing with all the money for the first purchase (closing).

Those distinctions really are based on more opinion that fact. 

I distinctively remember a BP podcast where they talk to a wholesaler from Dallas who makes over 400k a month and spends upwards of 100k a month on marketing alone.

In my opinion better than a shingle roof and more distinctive with older homes.

For my taste, I'll take the "better part of the worse area" if that distinction makes sense. 

@Edward Kozic there is an important distinction that relates to @Tom Gimers point.

@Dave Van Horn :  I like the distinction between working in the business versus working on the business. 

But he could establish distinct and separate credit. 

Which supports your argument earlier, a vertically integrated GC that is doing rehabs themselves has a distinct advantage. 

Both communities are build by Bardis Homes, but in two very distinct settings just off of "the grid" / downtown Sacramento.(1)  The Good Project by Bardis Homes in West Sacramento (total units: 27 single family homes)List Price: $466,203 (closeout phase pricing)3 Bed/3 Bath (3-stories high)Square Footage: 1,880Amenities: River Walk TrailsOther Notes: Homes have medium-sized backyardCommunity Completion: April 2018(2)  The Mill at Broadway by Bardis Homes in Sacramento (total units: 800 single family, penthomes, multi-family)List Price: $430,000 (pre-model pricing)2 Bed/2.5 BathSquare Footage: 1,045Amenities: Master Planned Community with a public market, parks, & trails.