So I'm not trying to bash the market there, just speaking in broad generalities and of my own opinion.

In my opinion, in many cases it’s better to invest in a property that costs less and is a bit under decorated - then hire a really good decorator to upgrade at least a few rooms for the unique,  “wow” moment in photos.

Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)

Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)

Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)

But I would remain open to long-term rental as an option as this seems like a more stable option in terms of income, again this may be my inexperience talking.However, I have always  been somewhat risk averse and investing in real estate is always a big venture, in my opinion/experience, in terms of capital.

I am considering getting into this space (looking at some courses), but worried that its too late, and that deep local market knowledge/understanding of buyers/connection with developers etc is required to make this work, which only incumbent/long term investors will have and would be hard for a new entrant starting from scratch to catch-up...is my hypothesis valid in your opinion ?

If you are new, be sure you can raise the funds before proceeding.In my opinion, you are going to have a hard time raising money with a 6% pref and 70% of the profits after that unless you have a lot of newbie investors in your Rolodex. 

A wholesaler doesn’t have that capacity ( in my opinion) so I imagine most sellers would not consider putting their millions of dollars asset in the hands of a wholesaler.

Feel free to dm me if you want a 3rd opinion on your home.