If the wholesaler has it under contract, why would he not release the address?

The Owner will likely have to have it subdivided, which is a process in and of itself with your local building and zoning dept, and his mtg company would have to agree to release that portion of the property from his mtg.You May could buy the portion without subdividing, depending on your local reg.s, but you’ll still have to have the mtg release.

The title company I use for my RE sales business has started to send all but the last 2 numbers for the wire transfer and then will only release the last 2 numbers via telephone to help avoid this situation.

Also, when you pay them off, you have to be very careful they release the lien properly or you have a cloud in your title.

The lender sends an inspector to decide what work needs to be done, the GC does the work, the inspector comes back to make sure the work was done properly, then releases payment to the GC.

Explain the pitfalls of releasing such contingencies.

I usually run my numbers assuming I am trying to release it and what it will take for me to re- lease it.

I use a similar strategy to @Jon Crosby, however recently moved to Allstate as they released a policy that extends your personal homeowners policy to your investment properties. 

Paper applications are outdated, but I do have a section I can have them sign as a release on paper, so I can call their employers, current landlord, etc. 

Typically the title co. has to have both parties sign off on an EM release.