For example, you go to a high property tax state like Texas and you may find a property that appears to fit the 1% rule but once you factor in the $500/month property taxes and $100/month insurance your potential cash flow has gone up in smoke.

AND the name "Hilany" appeared in some comments.

However, upon finally gaining access to the home it appeared that the water was running from every faucet in the house.

For this particular property, I went to see it today and the conversion appears to be a rather simple project of moving a door.

(I half joke)It appears each home has its own 1000gl septic tank and leach field.

Appears to be equity and not recorded loans either.

You own it until you sell it.To make the most money as a wholetail you want to fix unattractive things (at low cost) and clean and spruce up the appearance as a whole.

Quote from @Milan Herskovich: I haven't seen the details, but it appears the new inspection process will be more stringent and more frequent. 

I don't see rates dropping, especially if they can't control inflation, which was supposed to be under control, but appears not.

It appears they are hoping to attract people that can find deals but don't know how to raise money.