Yes, wholesaling can be done in a slimy way, but if you actually care about people don't you want to help the old lady out of her predicament since you have the skill? 

@Andy GrossUsing people from a bad neighborhood you run into alot of stealing and break-ins and no skills.

Also sanding and finishing floors is a special skill, would not hire out to someone who doesn't specialize in it , talking from experience here.

Sure you're paying less to get in but do you have the skills needed to make the same profit that you could make on an 8% cap rate property? 

Handyman magazine is handy for the beginner and pro, other home improvement publications and sites are full of techniques, but actual skills take practice to master.You can get an idea of material costs at the supplier, their ads usually have common materials.

Here are the skills I possess.

Even if you don't have the skills, you can learn them.  

I have little to no desire to be a wholesaler; but, I'd be interested in buying good fix and rents in the D/FW area, in the B/C categories, although for C properties my Spanish skills are sketchy at best.

I understand the idea of motivated sellers and their need to sell at what anyone with some simple math skills can see as a good deal.

Treat your investing career as a long term process and working FSBO's is a great skill set to learn which can build on in the future.