I don't do a ton of retail flips anymore but when I did this worked like a charm.

The actual structures are grouped together and encompass about 1 acre.

It's a B/B- prop in a C but improving area that is starting to attract some hipster/artist types.I just rented a nice 1:1 on the same block that was markedly smaller but charming, with a good floor plan, for $495 - which was basically .90/sf plus $50/mo utilities.If I put that same model on the new duplex, which is clean plain jane vs charming, I get a crazy number... $900, which is more than a 3/2 in this area.

If the theory is meant to be limited to those four things, then okay, but if it's meant to be a very broad prescription, to encompass stocks as well, the theory doesn't hold water, and thus the advice to buy real estate now is called into question.

It was located in a very quaint area ( actually there are only a few subdivisions in this area with the same charm, surrounded by not as desirable areas, and the houses sell for 50-100k more ) Lesson 2 .

As a complete newbie a couple years ago we bought a charming old Victorian converted into a triplex and by old I mean probably built in 1800's.

One is what J pointed out, you must put in the hard work and you must be diligent in your search, they should perhaps encompass  a large fishing net in multiple fishing waters.

This will encompass many 10-20k population towns. 

On some larger projects encompassing 25 acres I assembled the process took about 3 years.

Does anyone have a an all encompassing check list they use?