So, he got that much in paper equity instantly at closing. 

I would be on the phone with him the instant I saw that.Hiring anyone hourly without knowing how any hours something takes and not being able to oversee the work can lead to someone fluffing their time.

@Kajal Aggarwal   I would refinance in an instant. 

Most of the people I see on the $100 slot machines are sort of into instant gratification.

So I started looking at properties (such as HUD/Homepath) that need updating or cosmetic rehab and thought "I can get instant equity if I can make a place look nice and acquire a property at a discount". 

If you get shut down really quickly, that's why, and similarly if they instantly cave by $1000, that means they screwed the last 4 people by $300 each (still coming out $200 ahead on over-charged junk fees).

He then proceeds to show me his unit which I instantly notice the landlords are slumlords.

We all want instant success, but real success tends to come slower.

This is easily resolved by telling a seller what you can probably sell their house for, and what you will pay for it instant cash with no fees.

But as I am sure as you well know when you think you see an apparent deal no matter where it is located you get that instant impulse that you can make it work.