My way or the highway crap is going to give you empty houses under those conditions.Tenants are not children, and you can only get away with treating like children for so long before it comes back to bite you.And since you mention your laundry list of examples, you know who is really "in charge" to the extent anyone is?  

Even My property I currently own, would barely make a profit if bought in today's market.My Question: I've built up a significant down payment to buy a place up to $650000, but am starting to tire and be discouraged looking at the crap being offered.

It also looks very professional.Literally YouTube "creating a website with Word Press" and you'll find great step by step tutorials from start to finish.

You can make the 2% rule today and have your returns look like crap for the next ten years due to high maintenance and capex costs.

An appraisal is always a crap shoot. 

Now, I am hoping to turn the piece of crap to treasures.The cost of repair is around $8000, maybe a little more.it's ready. it will be listing for $1350.I don't plan to hold this one for long term.

I saw this article and immediately think of this thread.http://www.centralvalleybusinesstimes.com/stories/...U.S. investors are the most optimistic they have been in the past 7 years, as the economy slowly continues to improve, according to a late-August poll by Gallup Inc.Oh crap. 

My original budget was 15,000, I will be about 30,000 all in after this week when my last tenant moves in.Here is why:3,000 in unknown structural repairs (termite damage)3,000 in unknown electrical repairs (they had KnT hidden in the walls upstairs, yet tied into new romex at the breaker box, and the outlets/fixtures, it was all replaced)3,000 stolen from my original contractor that I had to fire (lied about work being completed, redoing much of the work he was paid for/ did not actually do) 2,000 for a new AC just crapped out last weekI would say the other 4,000 or so was my own decision to replace a few appliances, add higher end flooring and fixtures, and just overages on my end. 

I completely agree with @Cooper Bert and would add that if there is a lot of crap left in the house, attic, or yard to get a rollaway dumpster and hire one or two folks from Craigslist to get everything out.  

Same with the crap sponsors pull off with 10% in self-dealing fees, disproportionate waterfall distributions, properties that don't have any sponsor value-add, and high execution risk projects that are improperly valued for risk.Investors need to be educated and open their eyes.