Is this normal? 

Normally the HOA dues will kill your returns, so the numbers almost never make sense....that's usually the first problem.Other problems are:1.

so its not really helpful to use things like the 1% rule - find out what the normal buy is in your locale and use that as a guide. 

We used to have a ton of them years ago in the wake of 2008, now they are only very few, so it's not a really interesting source.

@Eric OlsonWater, clear water, cheap, Real estate people normally don't think of these, easy to bulldoze and land scape.Sand and Gravel pits are great also.

On the flip side, it seems like there are a lot of "wholesalers" who are just trying to get around normal licensing requirements, in some cases with the specific intention of exploitation.If you're upfront with both the buyer and seller and you actually intend to follow through on the purchase whether or not you can assign it, then I think it can be a useful way to structure a deal and there's nothing wrong with it.

Based on how a normal deal is structured, the cash on cash return in minimum at best.

From the topography, it is obvious that the storm water flood on the street was due to a heavier than normal thunderstorm and not due to "incidental clogged" storm water drain. 

I did not take advantage of or lie to any seller/owner as the owner was always a bank (institution) and the reason they owned it in the first place was out of greed giving a loan to someone who likely could not have afforded it under normal lending criteria today.In all cases in which I purchased from a wholesaler or was presented a deal from a wholesaler, never did I ever get an accurate rehab number (I would consider anything in the ballpark of 10% as accurate), I never got a true exit value (I was always given a pipe dream or best case scenario on the value), the comps used - 80% of the time, there were comps that were not actually comps (comparing a 1500 sf 3+2 with a 2500sf 4+3 as an example, or a comp in a completely higher end neighborhood even though it was within a 1/2 mile). 

(The Cook & collar counties started allowing foreclosure sales of vacant homes)Cumberland County, New Jersey is not scheduling foreclosure sales.Sacramento, California - courts are backed up & everything is slow going.Stark & Franklin Counties, Ohio seem very slow but I don't have experience prior to COVID so I'm not sure if it's normal or not.