I could guess but that's all it would be.

Drywall compound.

Since it turns pink, is it one of those color-change ceiling paints? It was envisioned to assist the painter in catching any missed spots. Goes on pink, dries to white.

I thought the same thing Brushworks.

Drywall compound has crossed my mind. But it peels and scrapes like paint, there are lots of drips and runs.

It's possible it could be a mix of drywall compound and color changing ceiling paint. Or it might even be primer/drywall mix.

It doesn't turn completely pink, there is just a faint blush to it when wet. After fully drying, it does not completely turn back to white.

One of those real low rent paints, such as Property Solutions by SW has also crossed my mind. But since I have no experience with that product or those like it, I can't be sure.

At any rate, I need to do lots of scraping, and power sanding of the walls. A pole sander will barely touch the tip of the iceberg. Heavy brush marks, roller laps, drips, runs, sags, surface imperfections in previous coats covered up, roller fuzz, painted over cobwebs, etc..etc...

I have seen joint compound with the pink dye like in ceiling paint. If you put vinegar on it, does it turn yellowish orange?

nope.

Probably just some cheap flat paint or even some cheap latex primer. How it was applied is a different story.

Yep, just real low grade junk.

Whoever bought it probably went to the paint store and asked for their lowest price product. Then they asked again for something even cheaper.

I bought some Mirka Abranet 80 grit disks. Those sanding disks are the best I've ever used so far. And they don't lie, they are pretty much dust free.

It's going to take some time, but the walls need it. Then I'll seal that talcum powder paint up with some Gardz and go from there.