And FYI, pre approvals from HML's don't carry a lot of weight with any type of informed seller.

I can tell you from experience wholesales, good ones, are worth their weight in gold.

Investors often get cheap with the wrong things....a good manager is worth their weight in gold or platinum!

That's not to say it wouldn't happen, but that person has all the risk and is allowing you to partner for half the profit.More likely is a split of the capital, and LLC agreement as the instrument, and then some split of the profit that is weighted by risk and responsibility. 

Am I not putting enough weight to the risks?

How much weight do you give the most recent comp over comps back a couple of months ago.  

If there is one that's dead weight, a pain to manage, farther away from where you live, etc. take your gains there.

Depends.I see Real Estate Investment like losing weight: you have to find what works for you and stick to it, in a healthy way.Some people are marathon runners, others are power-lifters.

The disadvantages I hear people say, in my opinion don’t hold that much weight. 

Most all will attempt to influence price from the lease payment, the purpose of turn keys is selling the lease and expected rents more than the value of the dirt, that is not the aspect of valuation most weighted in single family 1-4 properties.