(ammunition for the pessimists out there). 

Anyway, I'm sort of a pessimist so I always consider what's the worst that can happen.

I could be being pessimistic about the mortgage which is foreclosed and there may not be an existing superior mortgage on title.  

And not to sound pessimistic, my experience with the wholesalers at the meetings I have attended was there their properties were not really wholesales.

Absolutely ,Hate to sound pessimistic but I've been watching what the stock market gurus are saying, They claim it's inevitable that America was predicted to be the next Venezuela !???

I ran the numbers with rough and likely mildly pessimistic estimates of total rehab, based on paying $425 total to have it in good enough shape to keep 70% of rent, then assuming loan cost of 6.5% (definitely pessimistic since the last two were around 5% for me), and they aren't all that attractive-  If $425k total in-Rent for $4200 total =$2940/month using 70% rule$2535/month P+I for $340k borrowed at 6.5% for 20 years $1500 insurance plus $2740 Taxes=$353/month for Taxes and insurance$2890 total MTI =Marginal to no cash flow, $7800 per year in paydown- so about 10% on the $80k I have in, Then market gain leveraged X 5- This is the big wild card, and the one where I may be less optimistic than the rest of the crowd. 4% sustained yearly gain would make the whole thing seem really attractive all of a sudden- but I don't see our economy expanding in the middle class enough for this to keep happening for much longer :(a 1% cheaper loan saves only $200/month- still weak sauce cash-flow wise.