They are after all perfect examples of what NOT to do. 

Especially since a lot of these people are getting 0.2% in their CD's and what not.

Some of the properties are total dump, and some are really nice.I am confused in what to pick and what not to pick.

And there are plenty of people who get paid VERY well--more than most investors will ever make yearly--$200K or more per year being an engineer or MBA, not to mention a doctor or whatnot.

Have clients who fix 'n flip and I've taken many notes on what to do (and perhaps more importantly, what *NOT* to do), but have not done a rehab project myself yet.  

HELOC's are nice for cash flow management and what not, but if you know what you want to use the money for, get the loan with the loan rate.

So far we've been doing $20/adult with a max of $40 for a application fee for bagkround checks and whatnot.

They are not even cousins.The IRS isn't in charge of assessing financed transactions except as to tax matters, your CPA probably isn't versed in originating financing agreements, that's a bit out of the domain for a CPA and the Federal Tax Court isn't the proper jurisdiction for RE transactions except as they pertain to taxation.They were also speaking to what not to exceed, not what the customary or average credit was being allowed under options, 10% of "firm" equity places a buyer/borrower over the hump for the financing required, most contracts shoot for 10% equity to be acquired.Dodd Frank incorporates the SAFE Act by specific reference.

Networking with professionals like lawyers, CPAs, Taxpreps and whatnot might get some tiny result.

We do handle property taxes, but the property is a small part of a larger corporation, so as far as income taxes and what not I'm still learning.