Pretty cool.You probably won't find this type of home in Florida or anywhere where the water table is high.

There are times when we see deals on the table that won't produce any cashflow or not enough cashflow to meet our target hurdle rate but the tax benefits or appreciation potential may make the deal attractive. 

This may be to deliberately prevent discovery of other electrical issues or prevent fire/injury.You will need some form of hard money or construction financing to purchase the property as is, and you will need to get the property occupant-ready to pass an appraisal before permanent financing is on the table.

I do not only have money to bring to any table.  

Ditch the red rug, increase art and add dresser, bedside tables to bedrooms.

If you are getting what you are looking for then I wouldn't be worried about leaving bookings on the table, if you aren't, you may have to tweak your rates (or other things about your listing).  

By the time I got to the closing table, instead of me bringing a check, they gave me a check.Fast forward to today, it has more than doubled from appreciation and cash flows a ton, and I was able to get a great property manager in there to handle EVERYTHING.

He gets his referral fee up-front, regardless of whether they bring any options to the table.   

He would need to find a place to live,which would take money off the table for collateral in his next deal.

Part of that reassurance comes from bringing some experience to the table and a proven track record of investing successfully.