What am I missing?

Overall, I've lost confidence that he is doing a good job and wonder what else he has missed if I was able to catch the mistakes. 

They are long gone now.This "wally wrap" seems just like a regular wrap, what am I missing?

My current understanding of the market make me disagree completely with that statement, so what have i missed?

I'm going to reiterate what's already been mentioned above, but I'm going to actually give you examples of why it's relevant to you to find a U.S. tax professional.1 - You're going to need to file U.S. taxes once you have property down here, there's federal filings, state filings, and sometimes local filings too2 - Tons of tax treaties between the U.S. and Canada that are easy to miss and can cost you a lot of money (important one with rentals - effectively connected income - if the professional you talk to doesn't know what this is, run away)3 - The amount of days you spend in the U.S. needs to be tracked and if you go over a threshold, all of your worldwide income could be taxable by the U.S.4 - Selling real property means up to 15% of your sales proceeds might not be available to you for years (FIRPTA)5 - Lots of nuance at the state and local levels, which both want to take as much money from you as possibleMain takeaway here is that you should find a U.S. based tax person.

The second one to build a security net.I've simplified the deal a lot but... am I missing out something obvious?

I know there's a lot of details missing to actually give an accurate answer.

Use your superior knowledge, experience and analytical ability to spot something in a property being offered for sale that everyone else has missed.  

Fake income documents are easily purchased online, and inexperienced screeners often miss red flags.

Benjamin-I think you're missing out if you don't look in Cincinnati-one of the strongest rental markets in the country.