Yes, wholesaling is tough to break into and to do it correctly is to have a good foundation of knowledge on the subject. 

The current property would be viewed as being owned by me outright with no mortgage since there would be no lien holder on the title, correct?

@Josie Sandoval, correct, this is very common.

Do you think that could lead to a price correction or just a plateau?

You are correct.. don't educate when you lack ETHOS (trust/credibility). 

A "pre-approval" sounds like a "consumer" mortgage rather than a commercial loan for investment real estate, is that correct?

Look for property for sale with the correct zoning or that you can get a variance4.  

Eichholtz’s initial research showed that real housing prices (corrected for consumer price inflation) gradually changed over time, but were fairly equal in 1973 compared to prices in 1628."

I don't know that there is a much bigger vetting process other than if they can pay for leads, but correct me if I am wrong.I have been on here for ten years and sourced hundreds of leads without ever asking for a single thing because all I do is show up and answer questions and add value.

@Tom Dieringer you are correct that they are similar services.