@Aaron Einfrank Congrats on taking the step to acknowledge your REI failure over the last 8 years. 

I'm definitely a big "take imperfect action" type person, but I don't want my first flip to be a failure either.

Failure is never permanent when a Lesson Learned empowers you to start again pursuing success.

Don't set yourself up for failure.

I know any business is about successes and failures.  

Failure is not an event.

There is usually a clear disregard for owner's rights and equity, the ramifications of their actions, how their failure  to find a real buyer puts a seller in a bind, all relating back to the lack of understanding I'd hope, not that they intentionally try to cheat or mess someone up.

Failure is not an event.

Keep in mind that previous failure is not an indication of future failure and like Anthony stated above, past success does not mean that they can't make a mistake. 

Failure is not an event.