There isn't a whole lot of info on there just yet but its growing fast..  

If I make my money I have no problem giving a big discount for a fast sale.

@Marian Smith you would be surprised how fast that area is changing...great houses, restaurants and stores pop up every month.  

We cut the line after the valve, sanded it fast as it leaked, and popped an open sharkbite valve on it and closed it. 

Newer 4 plex units can be had for $325k to $350k (but go fast) so you would not hit the 1% rule and you have to watch the HOA fees if you bought into a multi building complex. 

If I use hard money to fund my acquisition & rehab, how fast would I be able to convert this loan to a conventional if it turns out that there is not much spread on the flip because the market changed & prices lowered?

That will pull the credit you worked so hard for down so fast.

(OK it is one of the fastest ways to get rich but there is no fast way.

We have been buying distressed properties in some of the nicer neighborhoods in Petersburg as buy and hold rentals and can't rehab them fast enough....

Also it helps to have some basic appraisal skills as well so you can research comps in the area, etc to determine your ARV.If you hire an inspector and an appraiser to validate before wholesaling a house, you are going to cut into your money real fast, especially if you do it for every potential deal.