Not a lot of economic graphs blah, blah but I do keep a general feel for the economy and its short and long term direction.I agree ... and to add to Bob's point, or put my own spin on it which he may agree with or not, the main thing is that there is an established track record of appreciation over the long haul ... basically looking for the long term historical average; the markets he is describing have been appreciating in much the same way for the last 40-50 years.

When properties are getting off market within days, and I obviously have a huge knowledge gap, is it reasonable to find something that will turn out to be a great investment, or am I spinning a roulette? 

I just came back from @Brad Sumrok's event and I met so many accredited investors and awesome people there my head was spinning. 

My wheels were spinning until I did a valuation lookup and saw that the house was built in 1895...

For fun I followed up on one in Bahrain  and the number actually worked and it was some middle east dude,  I wanted to see what kind of yarn he would spin. could tell by talking to him he was anything but a high rolling financier of with off shore investments. but I suspect with the way some wholesalers work you will run into this as well.. although doubt they will be selling homes and leaving that much meat on the bone !!

I've been spinning my wheels for months and do not know what we should do. 

Everyone puts their spin on it but no one breaks it down objectively.Maybe one of you out there can help. 

Ever so often, the meter can go crazy and add a few spins to the bill.

I want to ensure that I will not be spinning my wheels in such a tough market by starting solo.

Don't spin your wheels trying to attract cash buyers.