BiggerPockets

I think wholesaling can be as simple or as sophisticated as you want to make it. Its reasonable to expect the more knowledge you have about repairs, market values etc...the more profitable you are likely to be but the reality is all you really need to know is how much will somebody else reasonably pay for this property right now. Then decide how much is acceptable to get paid and negotiate your purchase price.

For instance, I have some background in renovations but am certainly no contractor. Ill look at a house and know generally what its going to need & cost to be livable but more importantly I know what my buyers will likely pay for a house in that condition in that area. Then I know how much I can pay for it.

I wouldn't spend money on an inspection or an appraisal because that third party opinion doesn't really matter. If you want to wholesale you need to learn your market and know your buyers. The more experience you get the better you will be able to "eyeball" a good deal. But you should always do your homework. Use tools like the MLS to comp areas, talk to buyers and get a feel for what they are buying and how much they are spending. Call some contractors to bid on jobs (even if you never intend on using them) to get an idea of what it cost to do a job. Talk to real estate agents etc...

That may be over simplifying it, and every market has different challenges, but I live a pretty good life keeping it pretty simple.

What ^^^ he said!!!
I cant stand when a "wholesaler" sends me a property & tells me it needs X amount in repairs, but nothing to back it up. Always get an inspection.
Things get missed on initial walk throughs. I personally liked the concrete flushed down the toilet. That would have caused a lot of headaches if we had not known about it ahead of time. BTW... That is an EXPENSIVE fix....