Getting an attorney queued up to review collateral for an expected purchase as well as selecting a servicer in advance of the purchase are critical prerequisites to have in place. 

Investor alignment is critical, and if you try to tip the scales in your favor, you'll have a hard time raising capital from any sophisticated investor.

As a new wholesaler/flipper, there is nothing you need more than a buffer between you and buyers because you will take every criticism personally and will rebuff repair requests because you have spent the money or think it's perfect.

It’s nice for lowering your costs during that critical first year of owning a property.

What critical information are you leaving out? 

I like Trump because he can openly criticized what is bad about America's politics (especially his view to the neo-con and to the ultra liberals).These two folks that you cited, I'm not surprised as well, are the the hated individuals by some group, which is not surprising as well.

Fortunately, the deposits were small especially on one unit.Purchase: $620KBirddog: $20k (agreed was $15K, but he earned the extra $5K)Uncollected deposit: ~$2500.Address the various inspection items most important being no front railing (see photo below for why it was critical): ~$3k using 2 of the employees I had back then).Total: $645.5KLoan 2.75%, 30 year, 80% LTC (near perfect timing on this loan as near lowest rate ever): Piti: $2549.Market rent: $7500Actual initial rent after initial increase $5990.initial rent - PITI: $3441. 

Even if you are looking at a long term buy and hold, the ability to sell a property and receive a reasonable price is critical to your exit strategy.

Know how to take constructive criticism.

No criticism meant from any of the above, just my experience & opinion I’d give to my friend or cousin looking to get started.