Holding costs will eat away at any potential profit. 

I like the idea of parking the capital, eating the expenses, and selling for massive payouts, but I am concerned about those problems.

I like looking at the lake in my backyard too much to want to eat time chasing default business owners who owe money.

Buy your lists, smile and dial all day and every day.Negotiate hard, be quick, close quick and close with cash.Your word is your honor and if you snag a bargain price and are under contract with the seller, even if it turns out to be a turd.Buy the turd and eat it.Don't be a turd like many other wholesalers are and let the contract lapse.Right @Bob Stevens?

if there is deferred maintenance it will eat up all cash flow for years and years.2. if "offers are due Sunday" it sounds like this is a multiple offer situation, in which it seems extremely unlikely they'd accept an offer below asking... in multiple offer situations the price typically goes above asking. 

Once the plan is in place, which admittedly might take some time, they will pull your money (usually plus a bit more the eat away at the past-due amount) from the debtor's paycheck and the court will send the money to you.

The goal is to not eat losses every month for the next 5 years while I wait for rent and price appreciation.

Usually refrigerated food will stay for a very long time - months, in fact - without becoming putrid, though you probably wouldn't want to eat anything out of it.

A lot of investors are (wisely) wary of condos because condo fees can rise and special assessments can eat up your cashflow.

That said.Let's look at FB adsLet me ask you something.What did you have to eat the last Sunday of Feb in 1998?