@Chris Fi only quickly looked at the doc while on my phone (so might be missing something), but it seems like the idea of taking out capital reserves from the math to meet a CoC return is highly anti conservative.

I am anti rent control because it is proven counter productive.

I've always just bought through realtors (since my wife is one... she is anti- unlicensed wholesalers for obvious reasons).  

More real estate is a good idea but I am anti anything stock related.

Rent increase=anti-inflation. 

New Jersey is an anti-eviction state and the judges always side with the deadbeat tenants.

Id contend, and Im curious to know what @Ned Carey thinks of this, that the biggest challenge is the municipal risk involved in Baltimore, with a local government that is largely anti-landlord, and a city constantly on the verge of bankruptcy. 

Most can't get past bullet point #3, which is where theory (all the things you love about 203k in theory) hits reality (reality: listing agents hate dealing with FHA 203k and most will "anti-sell" your offer by telling their sellers to throw your offer in the trash).

its an anti wholesaler initiative  in a way we already did that in CA OR and WA there are strict laws dealing with any homeowner that is in default for example.. this is why you have to send out thousands of letters to get one or two deals if your lucky the public gets the same letter 7 times in a week even the public is not dumb .. you create a message of scarcity..  

In NY we don't have a "standard commission",  and they are pretty big about not claiming there is one for anti trust reasons. 2.