If a wholesaler can still profit while provided “full disclosure” and adhering to the rules and regulations of real estate licensees then they’ve earned their profit.   

I highly recommend a book called Foreclosures Unlocked by Matthew Tortoriello and Kevin Shippee.  

This can become a selling point or value proposition for your future clients. 

In high priced markets, I think you'd have more luck flipping, especially if they're active markets with good sales volume and appreciating prices. 

But also, even as Joe points out in his book, the true value of a syndicator is pulling together all the pieces.  

Investing out of state is a bit scary for your first deal, but once you get really familiarized with your market you'll start being able to establish approximate values from afar, and it becomes second nature from there.

It is hard to beat the appreciation, cashflow, tax benefit and the hedge it provides against inflation. 

Then there’s fraud or misrepresentation, where borrowers inflate project values or provide false documentation.

Also, did they provide you those terms off the bat or after explaining your project?

we underwrite 10% land cost to finished build value.