Forget wholesaling REO’s or any mls property with a competent agent or informed seller....they will all require a legit POF or prrapproval  REO contracts will definitely be nonassugnable  

I figured these companies selling leads are selling the same leads to everyone and I'd be competing against the "big guys" with more money and experience.

Personally, I think it's only a matter of time before these players enter Detroit.

In other words, do competent and experienced syndicators pretty much always do what they say they are going to or make it up to you in the coming year, or is some kind of significant permanent loss of my investment an actual concern?

Analyzing the market and determining what the vacancy rates are, what your competing properties rents are, and where your subject property lies in relation to those rents will give you a good indication of value add potential. 

It doesn't matter that the neighbor is renting his for $400 because it's not on the market for rent so it won't be competing against you.

Secondary and tertiary markets will help you ensure you're not competing with so many people that are willing to take a worse deal than you are.

@Joshua Costa it’s not clear what your question is, but I’m assuming you’re asking if there’s a way to buy another property with FHA sooner, despite what your mortgage guy said.Since it’s a Federal program (FHA), the fact that it’s in R.I. doesn’t affect anything.I think you could/should ask the question of another mortgage person but I’d be prepared for the answer to be the same.I also always recommend building relationships with local banks and credit unions who hold onto their loans (portfolio lenders), like Pawtucket Credit Union, Navigant, Washington Trust, Coastway (now Harbor One) etc.Often down payment requirements are a little higher, but not always, and you get a lot more variation/flexibility because they set their own terms for the loans - they’re not reselling them on the secondary market so the loans don’t have to fit into a rigid box (be “conforming” in mortgage-speak).I think it’s worth exploring, especially to start building long term banking relationships which will help when you buy more properties, but you may still find FHA is the best deal - it’s hard to compete with the Federal government :)I did a little research and it seems you’re mortgage person might be right, but I still think you will learn a lot from checking with another source and especially meeting local lenders.

I may use him again, but he will have to compete with the rest and truly earn the business. 

Are they competent?