I am a new investor, just signed a contract yesterday for my first rehab in Michigan, so here's mud in my eye!

What I've learned through the BP Blogs and Forum posts is that the more leveraged you are and less equity you maintain then the more undesirable you become in a lawsuit.

Are we talking about mud jacking?

Drywall, tape, corner bead, screws, and mud.

Have any adjoining areas become blighted or otherwise undesireable?

Still looks clear as mud, conflicting opinions.

Those were built during the peak usage period for asbestos (drywall mud/texture, sheet vinyl flooring, vinyl floor tile, various mastics, stucco, HVAC ducts, etc.), so have you factored that into your calculations?

Do you think that people are holding on to what they have out there or that there is just a shortage and the only thing on the market right now is undesirable stuff?

A lot of it can be attributed to what I call BFT...Bigger Fool Theory...the wholesaler is simply throwing mud at the wall in hopes he/she happens to find an investor who doesn't know values for the area. 

If they get the feel you are just calling around and haven't really researched the property they might not respond.Commercial owners do not like buyers that take the throw mud to the wall and see what sticks approach.I have a full time assistant in my office but that is very different from some VA that does not do commercial everyday or is overseas etc.