Isn't there an opportunity there for them to come up with a more unique format to really expose the every day world of investing? 

The outside portion of the brick may be in good condition, but the inside that was exposed to heat may have caused cracking in the middle somewhere.Probably one to buy for the land and location, not the structure.

One that will open walls to see how far damage might be not just the exposed sill plates but the studs and sheathings behind, below or above fixed walls, floors and ceilings. 

I assume that a bank won't refinance for the entire value. leaving them totally exposed. 

Floor has a slight slope to it.3. laminate flooring was put in incorrectly 4. stress crack along with minor water damage on ceiling and walls5 new roof6. no appliances 7. the washer and dryer connections are in the kitchen8. has no central air (95%) of the houses in the area have it 9. need landscaping 10. gutters11. wall trim is in pieces12. some paint since im sticking to white ( very popular in the area)13. doors need replaced14. full remodel of the bathroomAlso the furnace and water heater are exposed in the bathroom (looks very weird) and it does have a garage or a basement but crawl space.

Even experienced developers can have this problem, in that they're only exposed to the sites they've developed in the past, where I've seen issues that have come up not only on their project, but also on other projects with their own unique site issues.This often leads to overpaying (or almost overpaying) for the potential value of the property....sellers fuel this idea .

But since turnover is the most expensive event an owner is exposed to, turnover avoidance, to me, should be a primary objective for every landlord and property manager. 

On the flip side, cashflow is not nearly as good as some other areas that may or may not be more exposed to the boom/bust cycle.So if you do find a good deal, it will probably be a good deal forever, and it will probably not lose significant value in economic downturns, but the price you pay for that stability is lower cashflow.

Buyers only have the unit inspected which is great but if the building is falling apart around them they're going to be exposed to special assessments and potentially damage to their unit (roof and exterior leaks).

Since the Metro DC area is the area I know I'd like to invest here in the beginning...but I've been exposed (somewhat) to other areas as well, so I'd be open to them once I gain better knowledge of their markets.