With you being in the Chicago area, we are loaded with great building inventory.

And as you've noted if you do actually make it as far as talking to the owners there's a chance you'll find a deal, so it's not necessarily a waste of time, just not the best use of your time.

My local lender said the interest amortization is front loaded - she really likes Figure and even took out a line of credit herself. 

If you wasted their time by talking to them and not buying oh well.

Conversely, you will run into people on your list that just seem to be a waste of time, so you’ll want to avoid them.

You are wasting their time if you have the walk every property you analyze.

The house originally had an unusually large entryway that was basically a waste of space.

If the owner has to pay separately for scavenger/waste removal, and if you need lawn maintenance and snow removal, include all of that.

Experienced RE investors know that "partnering" with or "mentoring" a rookie is often code for "wasting my time trying to help someone who's constantly screwing up (because they're a beginner) and getting nothing in return".

@Caleb ScottThis is a very loaded question.