BigD,
I agree with you that you should not "birddog" this deal, but by the same token, if a property was worth 100k and you got it under contract for 60k then there is some reason that you were able to get it so cheap. Usually it is because it needs some work. If you have the funds and credit to purchase, fix and hold until it sells at close to retail, then I would say that is what you need to do. If you do not have the funds then I would say for you to wholesale it for 5k and be glad that you made some money out of the deal with no risk. The rewards may be bigger for rehab, but so are the risks. I have had deals that I thought I would be able to make 25k in 3 months that ended up 10k in 10 months. I should have just flipped it for 5-7k and been glad that I got that. It would have been a whole lot less stress and frustration and not much less money. Hindsight is 20/20.
Wilson