(I know appreciation should be icing on the cake and equity is not going to be great after only a few years - but better than the bank right?)

Take it for what it is to you then put the rest on ice.

I have also learned the same is true for ice makers in fridges and water softeners.

And if they melt snow which then turns to ice, this could add to the problems.  

Start with the ice breaker, set expectations, ask open-end questions and listen to their problems (i.e. why the homeowner wants to sell, how fast s/he want to sell it, what does s/he wants and needs?). 

Ps I never take into account the appreciation of the property, it's icing on the cake for me and not to be expected.

Another issue, since we have predatory dealing laws that we didn't really have 5 yeas ago or so, you'll likely be treading on thin ice getting a seller to agree to allow a financing agreement to be assigned without allowing the seller or informing the seller of their best interests in underwriting the new buyer.

There is no way in h-e-double hockey sticks I would ever pay a sellers Attorney fees to negotiate a short sale. 

I have my first property that is a good deal that I am initially looking to wholesale to kind of break the ice before I purchase one to rehab myself.  

Originally posted by @Jay Hinrichs:Hands down the most risky and complicated of the Real Estate investing models that's is talked about on BP.. if anyone is talking about these on a pod cast and just glossing over the risk  then I think you hit the nail on the head your only getting Blue Sky feed back.You see what I mean Jay with only talking about puppy dogs and ice cream on those podcasts?