This home required a complete remodel including updated electrical, new plumbing, hvac, new floors, exterior and interior painting, and some landscaping work.

The property needs a lot of work.....exterior siding, landscaping, roof, complete interior gut. 

The agent simply walks around the interior and exterior of the home and notes any defects seen. 

also if you have cash available it often times benefits you as the buyer to say you can close in a week as opposed to waiting typical escrow period. having said that though, make sure you educate yourself fully. 

Home 1:Year built: unknownStories: 1Beds: 3Bath: 2Sqft: 1,182Repair estimate: Roof, exterior paint and misc. repairs, interior paint, flooring, landscaping.Home 2:Year built: unknownStories: 1Beds: 1Bath: 1Sqft: 676Repair estimate: Roof (including some rafters), flooring, paint, 3 windows.Comps:Comp 1: 3 bed, 1 bath, 1,340 sqft, built unk, Sold price $30,000 cash, Home needs repairs offered conventional or cashComp 2: 2 bed, 1 bath, 870 sqft, built unk, Sold price $44,000 seller finance, home had tenants.

To get top dollar and stay booked, one guy said he paints the house - interior and exterior- yearly to keep it in excellent shape (Outer Banks)3.Management fees.

Making a seller believe you are actually buying their house, as opposed to hoping to find another buyer for a higher price or you’ll walk away, is a whole different ethical issue.Check your state laws, as advertising a house you don’t own, looking to flip the contract, violates the licensing in most states.....some are cracking down more than others.

You have a bit more wiggle room because of your longer outlook (as opposed to a flip), but you still need to buy at the right price.

This system should have more than a 12-13 year lifespan, it is possible there is a repair that can get it back up and running as opposed to a full replacement.

Hence, snake oil seller.Regarding your other questions:Any wholesaler who can't produce interior and exterior photos of a property they're trying to sell needs to lie down and take a nap: They're just wasting everyone's time!