I believe a lot of flippers resort to renting their product when the encounter difficulty in getting the number (profit) they expect from the transaction; and let's not forget the appraiser who controls how much we can recover from our efforts.Some additional food for tought.

Or, if I have to take a new job at less salary, a pay cut at my current gig, or encounter other financial shortfalls, I could get out of my current rental and move into the unit I own.How risky does my situation sound?

Even though it is not tax deductible, I would also plan for a monthly contribution to a replacement reserve fund to pay for the high cost major systems replacements that you will eventually encounter.

The local laws are what they are and it's what you will encounter in any town/city.

Having worked in Newburgh (in the finance world) I encountered many hardworking people who made a decent living, paid their bills but just didn’t have sufficient credit.

I have never encountered an auction when the bidder (in this case the auctioneer) is not bound by his bid.

It may be harder to find cash flowing properties but that will ensure you are not buying the first property you encounter. 

That's another term for a bird-dog or lead generator; someone who is an initial point of contact with a principal (someone who has the capacity or standing to sell something that they own or control).Your best prospects for finding guidance is to begin studying real estate fundamentals like title research, comp values as well as sales so that you better understand the situations of the would-be sellers you encounter. 

What you and I encounter at the street/retail level are more apt to be from third-tier lenders (higher risk), private notes and, quite likely, non-performing.

Investment property guidelines will apply, unless you are actually going to move in and live there while fixing it up.The problem you will encounter is that your wholesaler has their little assignment contract, doesn't want to actually close and ever own the place, but somehow wants to sell to you something they do not own, which Fannie does not and will not be OK with, regardless of what all the best real estate lawyers claim.Enter @Shari Peterson stage left.At which point your wholesaler and you are going to renegotiate price because you just jacked up that wholesaler's carrying costs so that YOU could have a better interest rate, which ultimately is not your wholesaler's problem or concern.Orrrrrrrrrrrrr buy it all cash and look at delayed financing.