They have competitive rates and I’m familiar with their branches as well as their online platform.

The pre-qualification letter only says they've quickly looked at your application and think they can do the loan - not good enough in a competitive market.Some listing agents are requiring the buyer be pre-approved by the agent's lender of choice. 

A key takeaway from this deal was the importance of acting quickly in a competitive market.

There are so many short term places today that competition is tough, so adding something no other property has, being creative in design, something like that to stand out, people want a unique stay, and with a fixer-upper, you can do whatever you want!

Given your presumed lack of real estate experience, OPM (other than 'traditional' bank financing) is likely off the table for now. 

To add insult to injury, I was charged an additional $1,000 for Flip System providing me this problematic deal.My disappointment continued with the lack of educational value provided by Flip System.

Affordability or lack there of has the best chance of slowing this market but there appear to be plenty of buyers in all price ranges.

How does it compare to the competition?

You're losing money from lack of income, but you're losing more money because it's paid off.

They may close fast in competitive markets, with an LTV ratio ranging from 65% to 75 percent.