Expenses are understated.

ESA, emotional support animals may be covered under state law.

This is what @Pratik P. was trying to explain.The licensing requirements also depends on your definition of wholesaling, and your source of funding.If you are taking money from investors to buy property, this is a form of selling securities, that could fall under state or federal securities laws which require brokers licenses under the Corporate Securities Law of 1968 and the federal Securities Act of 1933.If youre using your own money, its a different story. 

The other is much more passive, but your equity growth will be limited to appreciation and the benefits of a tenant paying for 80% of your property over time (if you finance), which should not be understated.

In my opinion, these numbers are way understated which would make me skeptical of the seller.

Bravo, Jon.For someone new to the game it can be easy to fall into this trap because the vast majority of MLS listings that contain "actual" expense data are drastically understating true costs (for obvious reasons.)

The time period for a redemption after a foreclosure sale with respect to either a nonjudicial or judicial foreclosure is 120 days or the period allowable for redemption under State law, whichever is longer.however, once the time has passed, as Wayne mentioned, it is automatically removed by "operation of law."

investing out of state without a strong team in place and strong knowledge of the market is highly risky, and those risks are often understated on BP. 

Cities can and do have the right to regulate commercial activity unless their state takes that right away (which is generally not permitted under state constitutions) so you have that working against you anyway.2.

(l) Treatment of certain losses in insolvent financial institutions (1) In general If— (A) as of the close of the taxable year, it can reasonably be estimated that there is a loss on a qualified individual’s deposit in a qualified financial institution, and (B) such loss is on account of the bankruptcy or insolvency of such institution, then the taxpayer may elect to treat the amount so estimated as a loss described in subsection (c)(3) incurred during the taxable year. (2) Qualified individual defined For purposes of this subsection, the term “qualified individual” means any individual, except an individual— (A) who owns at least 1 percent in value of the outstanding stock of the qualified financial institution, (B) who is an officer of the qualified financial institution, (C) who is a sibling (whether by the whole or half blood), spouse, aunt, uncle, nephew, niece, ancestor, or lineal descendant of an individual described in subparagraph (A) or (B), or (D) who otherwise is a related person (as defined in section 267 (b)) with respect to an individual described in subparagraph (A) or (B). (3) Qualified financial institution For purposes of this subsection, the term “qualified financial institution” means— (A) any bank (as defined in section 581), (B) any institution described in section 591, (C) any credit union the deposits or accounts in which are insured under Federal or State law or are protected or guaranteed under State law, or (D) any similar institution chartered and supervised under Federal or State law. (4) Deposit For purposes of this subsection, the term “deposit” means any deposit, withdrawable account, or withdrawable or repurchasable share. (5) Election to treat as ordinary loss (A) In general In lieu of any election under paragraph (1), the taxpayer may elect to treat the amount referred to in paragraph (1) for the taxable year as an ordinary loss described in subsection (c)(2) incurred during the taxable year.