That "just do it again" attitude is pure predatory and this too is mentioned in Dodd Frank!

Anytime you can shift an expense from you to the tenant and it becomes pure profit in under 2 years it's a no brainer!

I became a landlord on pure, dumb luck when I moved to Chicago three years ago.  

In terms of pure RE like with any huge city space is at a premium so except a tiny living space but from my travels to Europe that is also true there (if not more so).

I'd try to get a well rounded market that has positive rental cash flow as well as potential appreciation rather than a pure cashflow play (like Columbus) or a pure appreciation play (like LA).

Not touching a place and selling higher has no justification for a higher price.Legally, you can forget about your "buying under the market value" junk, that is pure guru talk.

I agree pure flipping is a bit risky unless you have the cash to cover early learning mistakes.

You also lost one month of rent and (I'm assuming you're leasing the space yourself, and not paying a broker 1-mo rent), your cost is $2,550, and you gained $50/mo.Yes - your "Break Even" is a 3.5ish years, but this ignores the value increase.Assuming a 10% cap, and you're already covering expenses, that $50/mo = $600/year = pure NOI.  

It is purely "try this. cross your fingers and hope" strategy.

In my one rental that had concern about the possibility of asbestos tile (judged purely on the likely age of the tile) we just put new flooring over the top of it.