The electric range is deeper than you think and has electrical components underneath. 

Although a bank or insurance company would fit nicely into Berkshire’s existing platform, Canada does have restrictions on foreign ownership of those assets – so my bet would be either an energy or utility-oriented opportunity (plenty of them in Alberta) or perhaps a significant stake in Alimentation Couche-Tard, which owns the Circle K brand and has a significant global presence, potentially meshing nicely with Berkshire’s recent purchase of Pilot Flying J.This year, I had the pleasure of travelling to Omaha with some friends from New York University’s Real Estate Development program and got to catch up with old friends from all over the world.Alas, my favorite Buffett-ism from the meeting was "Understand that the market is there to serve you, not instruct you".

But on the flip side REI allows you to substitute cash investments with your time and your energy.

My boss just decided to deny an applicant who has a Utility Collection (like Water, Electric, and gas), and I'm struggling with my criteria.Any Idea will do.....

In reality what happens is you end up paying more for a "clean house" but because you are doing a flip people want new mechanicals (central air, 200 amp electric, pvc plumbing stack) so you end up doing a full gut or larger rehab then simple cosmetics and now your returns have shrunk.In your situation for your first investment I would be ok with a smaller return because of the experience gained, but for the next look for larger profit.

Look for a market that works for your time, money, energy that moves you closer to your goal of why you are investing in real estate. 

I know based on the Illinois Condo Act, HOA should cover the wall, insulation and electrical. 

That usually means the units were renovated, but what about structural, mechanical, electrical, plumbing?

-Ultimately, the water came through the roof/ceiling a soaked my first floor, insulation electric, sheet rock, flooring all ruined.

For some that might be significant electrical issues or reconfiguring rooms.