It makes no sense and shows how horrendous the "training" is for wholesalers.My “favorite” is the new and inexperienced people who think that they can sit at home, scan a local MLS, somehow identify underpriced properties that every experienced investor and all home buyers and real estate brokers/agents missed, tie up the property with “borrowed” fully refundable  earnest money, no proof of funds, no approval of financing, post their “find” on a real estate website, appropriate someone else’s buyers list, and profit a minimum of $20k per.  

Justin Abdilla (a buddy of mine) would be a great connection for this. he's a local attorney here.

@Scott EadieThe Millionaire Real Estate Investor provides steps for successful real estate investing, emphasizing understanding market conditions, local knowledge, and liquidity.

But here's the kicker: the median household income in 2021 was only $56,746, and most households below that are renters.In the article local agents in the multifamily sector talk about why landlords are hiking rents.

Wouldn't you be in at least the same place after it was rebuilt (barring changes in he local market I would guess the value of the property with an newly built house to be greater than before) 

Take a look at the local market and see what some 2bd/1ba homes have sold for and what they would rent for. 

Using real world comps & calendars from your personal experience, local PM's, online estimators.

The next steps will involve accurate construction cost estimates by a licensed contractor (or two) and connecting with a lender (possibly current local bank) for construction financing.

Gone are the days where you can buy a cheap 100 year old multi-family off the MLS, turn it over to a local property manager, and make a great cash on cash return out of the gate.

The other areas give a little more privacy protections but for local investments, that won't be a huge benefit.