Now I'm under no illusion, those shows have houses that were sold with people living in them to people that are going to move in immediately.

The illusion of knowledge is strong with your friendAnd me tooI’m commenting on a Canadian property when I know zilch about Canada and the rental market

Buy one of each and see how it works out for you. you seem to be under the illusion that the PM controls the deal.. when in fact the PM is not there hand holding the tenant they make the best decisions based on experience to put a tenant in your unit.. but they are not babysitters.

The first appearance indicating that a place needs cleaning and rehabbing gives the prospect the illusion that your terms are more-negotiable and drives the price down.It also depends on the buyer, how much rehabbing the property needs and your financial ability to rehab the property.

In reality that isn't feasible on a repeatable basis, it will require an investment into the business, but the illusion of needing no money and making 'easy' capital on the back of hard work is appealing. 

IUGHHH  the "70% rule"Don't EVER do say consider this again.It is an illusion, no it is not "just a guide", it is wrong, misleading, if it worked for you in the past it was just luck!

@Zachary BellinghausenThe illusion of choice.

Fewer seams can also provide the illusion of open space.

Putting more money down to get higher CF is an illusion.Example:  $100k Property; Loan terms 4.75% for 30 years; CF wo/loan = $750/monthA - 20% down - $20k DP; $80k loan; DS = $417/Mo; CF = $333/mo($4k/yr); payback DP = 5 yrsB - 25% down - $25k DP; $75k loan; DS = $390/Mo; CF = $360/mo($4,320k/yr); payback DP = 5.78 yrsC - 30% down - $30k DP; $70k loan; DS = $365/Mo; CF = $358/mo($4,296k/yr); payback DP = 7 yrsEvery year you hold a property means a greater chance of a CAPEX, vacancy, repair, etc...which comes out of pocket, and must be added to the $$$ cash needed to recover before you start making a profit.The biggest illusion, and the worst rationalization you can do, is to think that by increasing your DP you can turn a negative CF property into a positive one. 

They are living in an illusion of material success fueled by a mountain of debt.