Not saying there aren't properties where the numbers work, because there are, and i'm interested in traditional rental properties as well.Dick - I would appreciate this contact if easily available, I will message you directly.Anyone have experience/insight into the sun lakes area?

What gets a bit sketchy is the added line items that specifically say the contractor can add charges due to any unforeseen expenses such as work that is needed after tearing out an area that couldn't be known until a certain wall or shingles were removed.

BUYER will waive the termite inspection and accept the DWELLING in “as is” condition.SELLER warrants there are no unpaid utility assessments or undisclosed debts or liens, recorded or unrecorded, secured by the DWELLING and property being purchased.SELLER shall remove all personal items, furniture, food or other items that are not part of the real estate within seven (7) days after acceptance of this offer.

Typically there is an independent inspector who comes to verify the items completed (and there is about $100 fee for each inspection/draw).

Items not sold the first time thru get reauctioned and the redemption period is 120 days. 

You may have trouble receiving traditional financing with less than a 10% down payment, unless you seek alternative financing.

Those are two expensive items right there.

I'm not looking to steal "your guy" (not investing locally), but we're looking at buying the house right next door to my folks, which has been recently rehabbed, but the rehabbers concentrated on a few specific items and not on a number of other things that obviously need updated or fixed.

Newbie to investing and I'm working with a hard money lender who will provide 90% of rehab costs, but I need to submit a line item job proposal.

I'll be using traditional financing for my first few, will a wholesaler still sell to me in general or are they cash only buyers?