Pros:- It's a conservative strategy that is safe- It gives you a clear goal and doesn't require a lot of external factors to go right to be successfulCons- It takes a long time to see the fruits of your labor- You incur a lot of transaction fees (1031 exchange, loans, payoff, new acquisition)I would like to see included a goal to buy the house 20-30% under market value.  

At some point in time, everyone runs out of their own capital and must rely on external sources if they wish to continue and build their book, however should always have some in reserve so they're not scrambling to close a deal.  

Some high-efficiency furnaces can be routed now to vent externally at ground level.

The renovation team is happy (regardless of whether it was internal to the TK provider or external) because they completed a project and got paid, and in most cases, the investor is happy because you got into a reasonably priced, freshly renovated house that performs at about .8% -.9% and provides cash flow.

And without that external force factor, prices will just go sideways, sales volume go down of course, until the demand improves again. 

A 1925 build might still be balloon framed, in which case, you may be required (here you would anyway) to fire rate (resilient channel, 5/8" fire-X drywall, non combustible insulation such as rock wool between floors and separating walls) external and load bearing walls in addition to ceilings and dividing walls. 

You need to dissect the data and all external factors and apply it and get your true value. 

We have an industry links section on our website that has external links to sources that offer reliable information on the subject.

They don't just analyze data and make investments, they actively work to change the landscape of the markets they're invested in, and their wealth comes from "forcing appreciation," not just passively investing in places where they believe appreciation will happen based on external forces (the ARE the external force).- On a smaller scale, there are plenty of investors, landlords, rehabbers, etc., who externally impact their markets to force appreciation.

Finding external "freedom" does not exist, imo.