I ended up with this instead of a flipper because the profit margin is very slim and it really only makes sense if you live in it.

If you buy it with slim margins and then have to sell it for less than market, you might end up losing money.

The Likely hood she has the capital to fork down on a retainer on an "iffy" case is slim to none.

There are only 4 other active "Entire Home" listings, and this apartment is in a significantly better location and will photography better, so I am optimistic that the projection is on the conservative side.That being said, based on @John Underwood's feedback, I do see that these margins are still extremely slim (especially taking into account utilities etc.), and the likelihood of this being a profitable venture are very low.

The chance you recover any money from him is very very slim, sure file against him in small claim court yourself if you have time, don't throw away more money with an Attorney. 

I’m always looking for more deals and it’s slim pickings now a days. 

But lately I realized that although we do get our money out but the cash flow is really very slim so after some debating with myself I decided to partner up with a close friend who is doing 1-4 units in a certain neighborhood on a really small level but is looking to expand.

I recently slimmed that down.

Cash flow in Australia is slim to none especially in capital cities like Sydney, Melbourne and Brisbane.

It was a pretty slim lease agreement, so maybe better to ask them to sign new agreement.