Sources for insurance and property taxes: Insurance - ValuePenguin, State Property Tax Rates - Rocket Mortgage.Low risk of natural disaster: Natural disasters can devastate your property and the surrounding community, leading to job losses and the closure of shops and businesses.

Well, if I'm buying to flip and it's going to cost me 3-5 months of time, effort, holding costs, risk, etc, and I'm only going to make $30k off the final sale then it serves to reason that the wholesaler would make less because they have less skin in the game.

There are many ways to skin this cat.I require 50% at the time of booking.

Again, other might feel differently here.b) Skin in the game: as a conservative investor, I understand that the dirty secret of industries that the waterfall compensation is in the line with me and incentivizes sponsors to take more risk.

Most fake this, but you are genuine.My response to you is then this.First, be careful, because human nature is a treacherous one.

I, like most posters here, have a natural bias toward our area of investment/financial/business interest.  

Thinking of Freeport, niceville, crestview, etc.I like Freeport overall and naturally I’m looking at rentals rates vs the cost of townhomes and single family homes.

Does the sponsor have skin in the game?

This would make decision making hard, on top of likely needing owners to sign mortgage guarantees, etc.Not enough involvement/too many owners, that you no longer satisfy SECs rules for involvement and it is really a security that needs registered or exempted.Some middle ground, like DSTs or these other fractional ownership, where the admin work is so intensive that fees need to be higher to make it worthwhile for the operator.Then again, I am drawn to real estate, so by nature drawn to traditional, proven structures.  

Yes, you have your nuances and pains that make you work a bit harder for your money in these areas, but each has its own gravitational pull that, even though some hate it, more people are drawn to it, creating a natural scarcity.