Others have very limited job prospects at all.

Seth Hursh,You understand the value of education.Knowledge is power and critical to enduring success.

The policy would have to be loaded with exclusions and limitations.

This way you cash out of pocket is limited on wholesale deals.

There are many that feel condos and townhouses are not great for fix and flips for variety of reasons: higher holding costs (hoa), limitations in improvements due to restrictions from hoa, could make you submit insurance, license, etc.

Thoroughly understanding the target market is critical.- Who is the target market?

Sure recipe for disaster, in my opinion.Would also say a big resounding NO to debt - find an affordable market (and you don't have to limit yourself to your own back yard, the world's full of those at any given time, even if there's nothing around your home town at the moment), and don't give in to the temptation of easy money.Kenny Estes wrote a great piece about that one, and I couldn't agree more - http://www.biggerpockets.com/renewsblog/2013/07/24/real-estate-leverage/(all of the above is just my opinion and experience, of course.

It is widely known that there are saturation limitations for underwriting loans regarding occupancy of the condos in a complex.

How about the idea of putting something in the lease that will motivate the tenant to turn in the checklist within a certain time limit?

Thanks everyone for your quick responses.In general I'm just trying to understand the limitations and benefits for using that line of credit.