I agree with @Taylor Dasch and @Travis Timmons!

James, you and I agree on valuation and I agree with all, or almost all your points.  

I don't agree with Mark.

Agreed with the above that the ROW agent likely went along with you because it kept you from getting your defenses up, and also that there is little to no reason they need to compensate anything here. 

Quote from @Bruce Lynn:All this I guess depends on how much risk you want to take or not take or can afford to take.I agree there is some risk with the PadSplit model.

The agreement stipulates:"The owners agree, that no water shall be used for commercial purpose, but only for their private domestic use including vegetable gardens and livestock maintenance."

I agree that many transactions shouldn't be done simply because you can.However, out of curiosity, if you had the opportunity to buy a $hit property with golden financing & then immediately sell the $hit property but keep the golden financing & transfer the financing to a great property would you consider it?

I agree with @Connor Hibbs's comment on terms for first time flippers and if this is something you want to start doing more frequently I'd look for lenders that offer some type of rewards program to gain better terms through doing repeat business.

I personally think sevier county is one of the best areas in the country to invest in both now (if you pick the right product) and especially long term.

It was the only operation like it in the country as could be found through regulatory bodies and it was deemed compliant.