So, is the investor who I JV'd with me playing it dangerous, or is the 30 year plus investor too "by the book" to be practical for most scenarios?

We have a "pet interview" that is required before someone can rent, citing that our property manager has to know that she can be on the property without any danger of aggression from the pet.  

They are super dangerous and a risky way to get into a property.

I am trying to avoid some of the dangerous ones where most of the duplexes seem to be...

Just ask an attorney, off shelf is dangerous.

If that's the case, I think the wholesaler might end up in dangerous waters.Fourth, why go through all the trouble when the option method is still available?

My assumption is there are probably fewer great deals in this area than in other lower priced areas.   

I think it is dangerous to invest all-in for JUST appreciation and equally as dangerous to invest all-in for JUST for cash flow, no matter what sort of market you live in.

It's not out of the question to use them strategically and be successful using them as a tool, but it's a dangerous avenue that I, personally, try to deter other investors from traveling.

However, banking on appreciation is a dangerous plan even for experienced investors.