There’s usually not more than one investor with interest in any parcel so there’s is absolutely no incentive for the investor to pay a “wholesaler’s fee” in this scenario.In the scenario where the land is ready for development, and the economic conditions make development a profitable activity, the land owner has already been approached by the developer or multiple parties with offers to purchase.  

That is part of the problem with a lot of companies (I am not knocking insula as dont have all the info/facts just stating how the business works), they engage brokers to get them loans and the brokers collect a small fee. unfortunately many of the brokers may be similar to real estate wholesalers - have little to no experience. 

What we do is bundle it into an application fee.

We actually have an in-house realtor who specializes in selling flips and can list your property for just a 1% listing fee.

•One-year rental restrictions aren’t necessarily a dealbreaker if you can afford to cover association fees for that time or live in the unit while making upgrades.2.

Any pitfalls, hidden fees, or learning curves I should be aware of?

Quote from @Lauren Lockett: What a great discussion! 

You may want to make an introduction between your CPA to those 2 colleagues.The CPA can go over their services and pricing to your colleagues.I partner with many people on real estate deals - It never gets to a discussion on whether they do their own tax return or hire a professional.If a partner mentions he will provide capital - does he provide the capital on a timely manner.If a partner mentions he will find deals - does he find many deals and provide an analysisIf a partner mentions he will manage a property - does he manage the property well(find tenants, collect rent, communicate with contractors, etc)

I have a non-residential commercial mastermind and the fee started at $2500 in season 1. 

The filing fees with the SEC are usually minimal, as you’ve found.