I can't imagine a landlord and tenant to sit there with a large flood on hand debating who's going to move a couch when 1) tenant's furniture is ruining in the water already and 2) landlord is in violation of city code for renting out a basement they knew leaked.Is the landlord seriously sitting there letting their carpets mold out to avoid moving some furniture around?

Sorry I didn't me ruin this.

You can make a lot of money wholesaling but being dishonest will ruin anyone's reputation very quickly in any business. 

Be prepared for delays,lots of them.Rain and snow(if any) can ruin the days you had scheduled to repair the roof,paint the exterior,repair or change the landscape or driveway,etc.Also,if you're trying to sell single family homes beware,parents don't normally want to move their children to a new home and possibly to new schools in the middle of a bitter cold winter.Only if you price the home well below the after repair value and give them some instant equity will you get good enough offers to accept.Even in warmer weather states like California and Florida,finding multiple offers from families with school aged children can be difficult.Be prepared for the home to sit on the market for 90 days or more until it gets closer to the end of the school year.

However, too much leverage has ruined many investors so its definitely important to understand your limits. 

It will certainly be easier on me since I don't have to worry about taping them and ruining them with splashing.  

I've been away from BP for the past two months, after my father passed away from Cancer the last week of October, one week prior to my 40th birthday. 

I can easily see situations where the rent meets the 1% criteria, but expenses cause negative cash flow or the cost of borrowing ruins the profitabiliy.

It's a little messy, especially when last year he got cancer and we were sure if he was going to make it through the treatments.

The HOA then collects the rent to pay off the lien all the while the owner needs to make mortgage payments and pay the taxes or their credit is ruined.