This is a practice by some less than reputable companies.

The practical consequence would be a delay that would take as long as the eviction process.We ended up posting a letter of abandonment, gave the tenant 7 days to respond.

Is it standard practice to do an inspection on wholesale deals? 

Flips are consistently in the $20,000-$30,000 profit range and can get up towards $40,000+ on better deals.

I wanted to quickly run by the numbers and get some input if 1) my approach was correct and 2) best practice for those numbers (I will be researching them myself also).

That consisted of repairing the large water spots in the wood, install wood in the kitchen (I could of just gone with tile) and refinish everything. 

I received 8 responses from 60 letters, viewed 3 practical properties out of the 8 responses, and bought an awesome duplex that I am currently living in which cost less than 10k out of pocket and will provide me cash flow for life!

@Hugh Jameson while anything is possible, it is simply  not practical to expect to get traditional financing on an auction property. yes hard money can be refinanced out. 

I would like to have some examples of the numbers in deals you have done so I can practice analysis.

Here is the note from the appraiser, "The subject consists of 2 dwellings.