You have made some pretty accurate predictions!  

Encourage applicants to take their time in filling out the application so it is accurate and easy to read.

If so, accurate ARV and repair costs are even more critical.If you're looking to buy and hold as a rental, then you can usually get away with a less expensive rehab, and you're more concerned about cash flow than ARV - in which case you'd need to evaluate the potential rental income versus financing, tax and insurance costs very closely.The pending sale could be the contract to the wholesaler, and the July 2nd date is probably the date their contract and/or contingencies expire.

Thats simply gambling on a hunch.

That's because residential loans for owner occupants are heavily regulated.You would have a better shot at buying a house that's being offered with some sort of owner financing up front, rather than choosing the house and trying to find a lender.If those "huge deductions" are real expenses, then the $1700 number is accurate. 

The media doesn't always paint an accurate picture.

I'm starting to suspect there is a huge scam going on- that the rents are not accounted for accurately...

I have been told that it can be rolled into a self directed LLC, but I'm not sure if that is accurate info, and frankly I'm such a newbie I don't understand how all of this works.

Is it pretty accurate?  

I didn't know how accurate this information was.