I gave up that fantasy for a few C and D properties IN San Bernadino.

The purchase price needs to be justified by the income- not the projected, fantasy income, but the actual market rent reality.

But putting that fantasy aside I think the business model is actually kind of interesting in certain markets. 

Why would we even think about a fantasy world where we had not repairs?

You are basing your decisions on reality and not fantasy (you would be surprised on how many people do not).

He apparently lives in a fantasy land where Section 8 tenants have no choices.That is not true here, where Section 8 tenants can basically have their choice of units, and can and do shop around.  

Things like these will help get you a more realistic picture than the fantasy pro-forma the seller's broker puts out.

Hi, I'm trying to figure out whether it's possible to find long-term hold partners. Everyone I meet in this industry seems to want to put their money in & turn it out immediately with a 7%-10% profit. For new cons...

Builders will not build for net-loss, that's simply fantasy-land thinking to assume they will. 

I don't know what's your target ROI but think about how much rental income you'd have to make to hit your target and ask yourself how realistically you can get that (without using the fantasy figures from some developers or real estate agents).