Louis,The big value add players refi (if they are using a variable rate loan) or obtain a supplemental loan (if they have a nice fixed rate in play) to pull out cash as soon as the property renovations are completed.  

@Thomas Wilson PM me if you want a new player's perspective on TK.

In the Raleigh area, the real estate term "Wholesale" does not mean buy or work with volume players or volume producers.

We don't sell education products or guru courses.I personally offer coaching to new players, but folks who are just looking to learn more and network with other investors are welcome and do find value in what we offer.

You want to be on the top of their mind as a "player" in your market, a person that is active and buys and sells homes all the time.  

You will be stronger as a player if they don't know you are doing extra inspections, but you will assume a bit more risk.

You can learn but also more risks IMO because you may be working with less experienced players, so vet your partners carefully.

Shane,Good value add players will create massive value in the first couple years then refinance and pull a lot of equity back to investors so that will limit your risk somewhat.  

So when you plan your initial strategy, don’t underestimate the time it will take.According to Warren Buffett, “Games are won by players who focus on the playing field—not by those whose eyes are glued to the scoreboard.”

I'm a regular member of a similar forum for poker players.