Some are wonderful people but are regurgitating other people's training. 

Michelle,The answers above are all good and correct, so I won't regurgitate them.

Rather than regurgitate the same info over again, suggest you do a search on BP for "how to estimate repair costs".

This truly sounds like some guru sputum you have bought into and regurgitated here for others to enjoy.

Take this with a grain of salt since I'm only regurgitating what I've heard on podcasts and read in articles, but usually small businesses like this sell for some multiple of income - something like 3x.

I get annoyed with the guru-motivational speaking-hustler types that give you half an answer and make you pay for the next half, any guru that promotes a cruise ship seminar or bootcamp for thousands of dollars, guru's who don't actually invest in real estate for their main source of income, guru's who are regurgitating the same material and selling each other's stuff through affiliate programs, and such.I would follow my mentor's guidance and direction, master it, then conquer the world.If I made $20k a month then I would position myself as owner, not owner operator.

In 2005 (when all these real estate problems were reaching a climax), the percentage of government backed home loans -- including FHA and VA -- was approximately 2.8% of the total number of home loans underwritten:http://www.fhaloanpros.com/2009/01/fha-loan-volume-soars-in-tough-market/So, while you say it was the most common, the facts say it was only about 1 in 40 loans back in 2005, the time period we're discussing.Even now (which isn't the time period we're discussing), FHA loans comprise less than 1 in 3 home mortgage loans.Of course, if you ever decide to stop regurgitating your unfounded opinion, and want to start stating some facts, I'm ready to listen...I know this was easy when we were talking about baseball cards but lets continue, Awesome, I can't wait to see what facts you're wrong about next...

Definitely steering clear of it now. one of the sad parts of all this.. is its NOT to good to be true.. these types of deals are out there in the turn key world every day with quality providers.. this guy simply was not ready and all he had was a very savvy way to market himself in the new world but his advice and theories were not correct.. he simply is not an experienced real estate investor.. he just regurgitates half truths and other things that are patently false  like saying the low end D class is easier to manage than A class..

Make sure they know what they are talking about and they are not regurgitating what they heard in some webinar or silly guru bootcamp.

They are absolutely making more money selling regurgitated information that actually practicing.