My fears are the same as you have brought up, a lot of money with no tenants locked in yet, it will take more time to fill then a rental or to sell as opposed to residential. 

People act out of fear when things don't work out like they thought.

For some reason I have been hesitant to do so for fear I would be breaking a law or something.

My fears: 1) Lots in the area I'm targeting might require tear-down of an existing home, which I don't have any experience in/know how to estimate costs 2) Many lot purchases may only be financially viable when you know you are building two houses in the place of one (HPR scenario)... which I most likely wouldn't want to take on3) Competition/MLS.

I'm very excited about starting my new journey.The fear of starting wholesaling (that I assume everyone has in the beginning) hasn't gone away yet, but I still believe in myself.My fears consist of being fined, failing to find sellers/buyers, fumbling for words when speaking to potential sellers, not having enough marketing money to start out, and more.So, I found a P/S agreement on this site that I plan on using, along with an Assignment form.This is all I need to start correct? 

The agent in me fears the long term outlook of the market a bit, but aside from that, the real challenge is being able to show a seller with no experience in this business at all, that projects sometimes (read - always) take long than expected.

There is some crossover (brokers who invest), but many fear taking the risk associated with investment and prefer exchange hours for money.

@Mike Fletcher, I understand the fear, and if banks were as loose as they were nearly a decade ago, there would be cause for concern.

I fear this loan is dead.  

The problem is that anyone who knows about Blue Sky laws is going to be securities licensed, and because the SEC is such a wonderful organization, a securities licensed individual wouldn't be able to tell you anything without fear of breaking a rule and losing their license.