Here's the thing about wholesaling, if they show up in court, they will strike out, they can't hit a home run acting as a strawman without a license.If they aren't breaking the law, they are skirting it and the more deals they have done, the closer they get as being seen as a dealer in real estate, being in the business has a much different flavor than a one time assignment that can be perfectly legal. 

Also,  condos and townhomes have almost identical characteristics so if a model match just sold for 500k.  

Wholesaling without a license is raising a lot of Ire with certain states.. we see that now on BP  Ohio , FLA, CA ,,, I had a client in MS that got a cease and desist in 04 for not owning properties he was reselling and I created a transactional model that kept him legal  IE he owned what he sold.. think it through past the short term money grab.. if these deals are good enough to flip off to a rehabber even after your wholesale fee whatever it maybe .. close on it rehab and resell..  

My research is pretty amateurish, but after reading the first few chapters of JScott's book, I put together a spreadsheet with a recently sold distressed property and four comps (super easy in this case, 3 were model matches within a couple blocks), and it seemed clear to me that the investor had only a slim margin between his purchase price and ARV (bought for 200k, 250 ARV).

The 1031 exchange is a phenomenal tool to build wealth and if you combine that with Multifamily business model and your clearly understand that apartment complexes are valued based on NOI and not comps, you can find high cash flowing properties that will give you 10%-20% cash flow and at the same time increase the NOI and at the same time increased the value approximately 10X the increased NOI.My 3 rules now are 1.

The curated model is only as good as the people curating the deals.  

My feeling is that if a finance whiz did a mathematical model on these approaches you would come out ahead focusing on one specific property at a time for early paydown but I am not that whiz so I won't undertake to prove it with math.  

What are your goals and what does each business model have for your style of investing?

If it's based mostly on pricing models, inflation and national trend charts, then possibly.

I personally built around a 10-12% cap rate, $150/door model with purchase at or close to 80% ARV when completed.