Hard to argue with "the passive owning of real estate for investment purposes does not constitute doing business."

I assume by 103 - you mean $103,000 gross - and with that, you'd expect at least 50% expense ratio (although I'd argue more) and it also depends on the model that is currently there.  

There are plenty of people looking so I would argue it's worth waiting for another applicant.

I would argue that it's still better than a turnkey knowing what rehabs were done and you can expect to defer capx further down the road. 

You may argue that your real goal is to buy more rentals and, in order to do so, you acquire multiple properties and cherry-pick the best of them to hold.

You can't argue with them and say "but these funds only represent dollars I put into the property" because money is fungible -- your word against theirs, and they are judge, jury, executioner, etc. 

If you can't take the basic step of evaluating properties and a market, then I would argue you are not ready to invest.

I actually would argue there has probably never been a better time to buy a house other than maybe last year.

And you’ll see the same people arguing there wasn’t one coming and stating most of the arguments I listed above. 

You outright killed me.If you want to argue with your landlord whether the term "lawn maintenance" includes trimming bushes, go right ahead.