He also can't rent it like this, I believe (he also lost his section 8 housing privilege - but that's another story). 

It's a system where the investor who wishes they could be more hands-on but doesn't have the time or experience gets the 'privilege' of taking on the risk of the rehab (and all that vacancy time) in exchange for feeling like their getting their hands dirty.

Hi @Ashley Wolfe, I also have many deals each year in which I bring in private money from people such as you with no fee just for the privilege of investing.

Its an honor and a privilege to be here and have access to so many investors and knowledgeable gurus across the country and globe on REI.

I get 2 years (on average) out of a random tenant so I don't see why I'd want to pay extra for this privilege.

Currently looking for investors for this hot market that I have the privilege working in.

So that “average” person that “moves up” is burning $33K per year for the privilege.

As they are, you must get them to the land fill and pay for the privilege.

Hope you don't have to ask all of your friends to pay you $250 for the privilege.

But if they are definitely going to reject you, they will probably tell you up front and not make you pay $10K for the privilege of finding out.