In a slow market homes sit and rot, they are on the MLS forever and the longer it sits, the lower the price goes to find the sweet spot for just the perfect buyer.

That is a mixture of units sitting.

Despite paying fees, doing a deal and making some profit is better than sitting on the sidelines. 

For single family residential I think it is a red flag, usually price if they are sitting.

If your local market is very active and homes are selling fast, you may be able to get by with doing less.Your Home’s Condition: If your home is vacant or has a unique layout, using a professional stager who can bring in the right furniture and accessories may help buyers truly visualize its full potential.Your Budget: Talk to your agent to get an idea of staging costs in your area, as it can be the difference between your house selling and sitting.

Around 2002, he purchased 2 small apartment building by himself (32 & 42 units, as I recall). 

Right now, land (unless in a hot market) takes a special type of buyer/developer to turn it into money, so you're better off finding the thing the people with the money want. land tends to sit a long time...

I am buying a property for 144k that appraised for 247. the property was lowered to this number after sitting for a year. needs 25k in repairs, and will rent for 1350-1450.

Buy strategically, and if you do it right you may be able to get that 2nd one quicker than you originally thought and sit in a better position than you do as of today.

I certainly have my bias and would love to sit down with you if you are in the Austin area or possibly a phone call.