What you fail to mention is that wage growth has been tremendous the past few years.  

You'd be able to access a tremendous amount of equity.Is your current property your primary residence?  

I didn't have $57,000 to put into this deal, nor did I have a private investor, but I see tremendous value in being able to avoid generating 2 bank loans (one up front, one on the refinance). 

If you are able to get REPS status, that would help tremendously.

And it is also no longer enough to buy another fabulously cash-flowing property anymore because housing prices are out of this world.I have just lost a tremendous amount of future profit, just to save a few dollars every year.However, I am not interested in overpaying for anything.

It will open your eyes tremendously.

There can be tremendous benefit , no doubt, not denying that.

Probate properties are an excellent deal but the marketing energy needed to find and close them is tremendous.

If the flipping model is dead in your market, then a large number of wholesalers could not sustain themselves unless your market has a tremendous amount of investors looking for rental property right now.

Moreover, the owner is contemplating selling it for $350k, but it seems like a tremendous investment opportunity.