So if the mortgage balance is $120,000 but FEMA only pays $30,000 and there is no flood insurance (as the majority of homes did not have) but the repairs are in the $70,000 range, then it will have to go to short sale or foreclosure correct?  

You should look at:The Best Types of Markets for Profitable Turnkey PropertiesandWhat to Ask When Working With a Turnkey Provider

., so far below fair market price at retail that the repairs can be covered as well as your profit and the flipper's profit in its eventual retail sale -- or 'buy-and-hold-to-rent-out'er's profit before they would expect to get it rented -- plus the title search, closing, and any tax costs related to your purchase from the seller (usually split somehow) - and finally, the title search, closing, and any tax cost split with whoever buys it from you.Now, that someone could be you (you do trust you and your repair-estimate abilities, don't you?)

If they shut off electricity for 3 weeks to a majority of your unit, that is an issue that you could have taken action on.

If you leave NY/NJ or go further away from major population areas, yes, you can find less taxes, but the rental income might also be less.

I kind of agree with the majority here, I don't think the market will see a big hit.

It's been a while now into Cody Sperber's fast track program learning how to wholesale real estate online, but I haven't pocketed any profits yet besides the education.

I was going through this old thread and a wholesaler noted that she sells at her contract price with no markup, but a 50% profit share. https://www.biggerpockets.com/forums/93/topics/174983-virtual-wholesaling?

Most streets are laid out on a grid, and all the major ones running North/South are alphabetical one way and the East/West are numerical.  

@John Kilduff I actually know a wholesaler in DE that runs an apprentice program where she trains new wholesale investors to know good or bad deals, find leads and close on the good deals with them and splits the profit with them but I only know one buyer in NJ who buys in Burlington county but made I'm with it.