Outside of a few major centres (Vancouver, Toronto, MTL, Calgary, etc) you do not have density to sustain a wholesaling business (if it is your only source of income);Mortgage arrears/delinquency  - Mortgage arrears in Canada are historically far lower (<1%) than in the U.S.A. and delinquencies are less than half the amount of arrears.  

IMHO, you would need to pay considerably less for this property to make it profitable. 

My only current debt is the mortgage on my condo and two small car payments.The local market is so inflated I'm not sure if I would be able to make any profit here.  

I've never bought a house before, and i've never had an income to be able to be picky about my living situation, so i really have no idea what amenities to look for, and even worse, no idea what large ticket items to look for. obviously roof, foundation, electrical, plumbing - but what indicators of those can i actually inspect on my own and be able to see if this house has any major red flags? 

They may have mandates that essentially require stick-built houses, which would be more expensive, and may make the lots financially unfeasible.That could be another reason why the lots were never built on.Lastly, consider that if it's a package deal, some of the lots may be buildable and some may not be (or may be more difficult, less profitable). 

My wife and I are on our 3rd homeowner occupied flip house and do the majority of the work ourselves.After 5 years of living in a construction zone, we too are starting to look to complete a cash-out refi on our current house in order to purchase our next house and a rental over the next 6 months.  

Find motivated sellers who will sell at a deep discount that will pay for any extended time that your offer considers or offer a small profit split with them.This idea may work out and I would like to hear more as you progress.  

It takes away from your profit potiential for an investment and as far as I know you can not debduct the cost in your taxes.

rentals that do not need major repairs- at least to start

There could also be non-profits that are looking into improving certain portions of the city as well.