This also may be a good way to get an in working for someone with more experience since being a new wholesaler who doesn't even know where to start makes it very hard to start.Also, don't start telling people you are a wholesaler before you have marketing going out, a small buyer's list, and at least one property locked up because everyone wants to be a wholesaler, but it's not actionable until you are in the game.

My experience has been that this is absolutely correct.  

Thomas, Thanks for replying to the post, can you send me the website for the companies that are in your wheelhouse.

Is this someone who is famililar with tax sale foreclosures?

What made you interested in investing in this type of deal?

I don't know anything about LA, but is this a property (or area) that would interest you? 

The lot is almost perfectly flat which makes this significantly easier. 

I'm hoping to hear some creative ways people are handling this part of the process.

You can overcome this by putting more down, which reduces you ROE and COC return, but if the appreciation is good enough you can make up for this with overall returns over time as rents increase and the property appreciates.

Ask for a "Pre-Underwrite" this is where the bank underwrites the file and give you a "Loan Commitment" instead of a generic "Pre-approval" letter.