If the parents are financially irresponsible, there's almost zero chance you'll get any money out of the kids so it's a waste of time.

We are in a decent enough financial position so that we don't have to sell the house to put down a solid down payment for the next house.

Hello Westchester County, NY investors-I am looking for a mentor who is interested in exchanging expertise...Who I am:-Full time College Counselor for high school students- looking to get into real estate investing to (one day soon) be financially free-Wife of a medical student- we will be relocating based on his residency match next year. 

These people had a disaster happen to their house so have no rental history.

I'd get my financial house in order and save some money. 

Many times it is very difficult to evict tenants for issues other than financial non payment, especially if the tenants know the laws. 

The appraiser explained appraised values had declined and I would be given a "quick sale" number (which was still 2X what I had paid for the house a decade earlier).The same type of appraisal inflation occurred during the real estate bubble of the 2000s leading up to the Financial Crisis of 2008 (The appraisal bubble: In run up to real estate bust, lenders pushed appraisers to inflate values).

There are very few of them that can actually perform as most wholesalers don't have the financial capacity to close.I know I wouldn't sell to a wholesaler .

Previously, to see if a deal was any good, I just let my financial planner figure it out because I thought it was all too complicated. 

You have a full financial picture and it doesn't seem to add up to me.