It seems to me that if the investor has enough skin in the game and the ARV is sufficient, that mitigates a lot of the risk. 

I have been in the retail commercial leasing game for 4.5 years (shopping malls, shopping centers, restaurant and street leasing) as a real estate salesperson.

@Michael Ealyi wish I understood that lol but I’m new to the game and have little knowledge on this stuff.

I'm here for the endurance game though, and have the drive and persistence to learn it all!

Again, other might feel differently here.b) Skin in the game: as a conservative investor, I understand that the dirty secret of industries that the waterfall compensation is in the line with me and incentivizes sponsors to take more risk.

I’m trying to get into this game & wholesale seems like the only other for me , I have little to no capital .

All with just 3.5-5% down.On the other hand, investing upstate or OOS can get you in the game at a significantly lower price point and give you a better shot at cash-flowing.

You always play the appreciation game. 

It is a long term game.

Or, if you want to just talk straight investment strategy, you and I can meet up and talk about how to wade into the investment game.