While we were onboarding the property to the system and trying to figure out the automated sprinklers, he was out there every day watering the lawn by hand, stopping the buck and taking personal responsibility. 

I personally know several blue-collar millionaires from HVAC techs to plumbers.

Quote from @Adam Macias: Wholesaling as it is today will be a thing of the past.It’ll truly be strange to even hear people and gurus trying to make big money off it.The more people try wholesaling but then end up not having an end buyer or cancelling contracts or trying weird things like novations, the more all of real estate will be regulated and cause requirements like licensing to be able to transact more than just your personal resident purchase.Which I don't know why hasn't happened sooner.Here's all the states (in red or yellow) requiring a license to wholesale or at least have started the process:Credit: REITipsterI think licensing and regulation is a beautiful thing that should happen if you plan to be an wholesaler and do more than one deal... which is going to be the case for anyone taking this business seriously.Or even it being regulated to need a real estate agent to do more than one deal outside of buying a personal residence.I've had plenty of failed attempts with agents in pursuit of wholesale deals and I know exactly why, it's not because the agent couldn't find me deals, it's just not practical to think there's opportunity for the numbers a wholesaler needs to make a profit on top of everyone else needing to these days.Because the only sellers who truly can sell at a deep enough discount are usually those who ran out of time and just didn't do something sooner with their situation.I know many coaches and gurus will disagree with me but there’s no regulations on youtube gurus and what they teach either.If we look at the current state of the market in hot cities, the availability of online resources to the average homeowner, how many deals can you possibly believe are available at 70% of ARV?

You will never pay more tax in recapture than what you originally deferred, assuming your personal tax rate stays the same.

@Malcolm Brown Are you planning to purchase a property in your personal name or via an LLC?

I have my own leads (name of decedent, physical address of property, personal representative for the estate, Their physical address.

Personally I will not work with them specifically due to this fee.

I have other HELOCs that were much easier to get both personally and professionally.

Id personally classify those as three different investing areas. 

Rentals are extremely difficult to make pencil right now but would only personally consider higher end projects because the costs are far easier to absorb than trying to build in lower value neighborhoods.