@Chance Cooper , by the way, here is a great video by a respected real estate investor, Mike Cantu, about the power of education and having free and clear homes:http://www.youtube.com/watch?

Exactly, apples to elephants...or something like that. 

You're mixing apples and oranges for a fruit salad.

I must be a market timing wizard since I nailed (I mean to the month) the peak and had to watch my equity grow in the wrong direction for 5 years!

Hattie, I wasn't intending for my post to come off like the standard "I watched a flipping show & need easy money because I've got this".

I've read articles here, listen to the podcast, watch videos and have been educating myself on wholesaling and buy & hold over the past six months but I haven't done anything with what I've learned. 

You do have to watch your budget on that, though, it can get away from you quick if you're not careful. 

Be your own GC, get good estimates and watch everything that goes on.

With that being said, there are many 'great' wholesalers, and its unfortunate you found one bad apple.

Also, watch out for phantom bids.