But thats because rents are $1000/m + and it's the same idea of big CF versus instant equity. 

If you're looking for instant gratification, you risk missing the rest of your due diligence and running into issues in the long run.

Know your subject matter inside and out, anticipate questions that can arise and have your response so that it is instant, without hesitation.I know I'm rambling but stick with me here, body laungage and facial expressions are improtant too.

Buy at a discount, do a little rehab, make a little cashflow, gain almost instant "lien able" equity, and repeat?

At that time only 5% of the buyers could buy the average price house and when the lenders started to raise loan rates the dam broke because that low 5% number went even lower thus an instant buyers market for qualified buyers, and falling prices for sellers.

This is compounded by the fact that consumers have nearly instant access to so many agents.

I instantly went into hunt mode.

He was the type of guy who could analyze a property in three equations in his head, very similar to the 50% rule, and make an instant decision if he wanted a property or not.

One tenant turnover that isnt instantly re-rented That $70 isn't even enough to pay for his gas so he can personally drive to the property and fix issues himself with materials left over from the last landlord.  

Because I bought all four houses below market and added value through repairs I gained at least $80k in instant equity.