I suppose I don't exactly count as a success story here, however I am not working a typical 9-5 and am planning to make-a-go of investing full time, so maybe all you lovely moderators will let it slide!

You also said you ramp it up for the first year so was it 6k for the first year then a separate amount in subsequent years? 

Should I try to get a lower price or let it slide if I can't?

CMHC-insured financing can help open the doors to homeownership by enabling homebuyers to purchase a home with a minimum down payment starting at 5%*.Features Loan-to-value ratios up to 95% for 1 – 2 unit owner-occupied properties.Loan-to-value ratios up to 90% for 3 – 4 unit owner-occupied properties.Down payment flexibility — In addition to traditional sources, non-traditional sources of down payment are permitted for loans with loan-to-value ratios from 90.01% – 95%.Flexible financing options — single advance and progress advances are available.CMHC-insured mortgages are portable — helping to reduce or eliminate the premium on the purchase of a subsequent home.CMHC homeowner mortgage loan insurance is available to a maximum of one property (1 – 4 units) per borrower/co-borrower at any given time.CMHC offers mortgage loan insurance premium refunds for homeowners who purchase an energy-efficient home or purchase and make energy-saving renovations to an existing home.

I paid for foundation work, complete new roof including rotting facia boards, some siding was replaced and some was fixed, all new flooring, gutted and redo on 1 bathroom and complete gut of kitchen with new granite counters, cabinets, all new light fixtures, all new switches and plugs, lots of moving of wires, framed up giant sliding closet doors and replaced with regular doors, a/c was just cleaned and serviced, paint inside and out, and lots of landscaping.

However illegal flipping opens one up to criminal prosecution.All one needs to do is google "illegal flipping" and you will find a plethora of information on the subject, from HUDs 2003 memo and subsequent guidance memos, to Freddie Mac guidelines etc.I think the problem for many on here to understand is that they were not doing business when this was a prevalent occurrence, and the people most familiar with it are probably appraisers, lenders and agents...and less so investors.

One specific question I have with this group and others is what prevents a sponsor from refinancing in the latter stage of a deal and simply returning only an investor's original capital contribution and then subsequently selling the property and keeping all of the appreciation for themselves?

I would also assume that entails having to work and subsequently pay-out part of my commissions to that broker in the event I do close on properties.Any advice from individuals who have had the same thought would be great.....thanks everyone!

Tucker just seems to be sliding down from what I keep seeing.

These contracts can be skewed terribly in favor of the Owner so that he will foreclose on you for any little hiccup, so protect yourself right the first time and you will know what to look for on subsequent deals.Diligence on the property needs to focus a lot on the well, the septic system, and the mobile home.