Of course I dont know if he taps into satellite internet and is still involved but he has had a ton of incredible adventures the last year from what I saw. 

Because obviously there was no skill or courage involved, and houses will definately be cheaper in 20 years. 

Now we only bring on high income W2, business owners, and investors who are specifically involved in real estate.

Will they have trouble making the payments to you while also having enough money to keep up with the maintenance and repairs/ tenant issues/ all the expenses involved with owning the property?

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I have been involved with a few of these projects in different areas of the country and each one I have worked with has been a great success.  

However, we typically use the FHA-203k loan because it involves a renovation, which I highly recommend if you are looking to really boost your equity and have the cost of the renovation wrapped into your loan with a VERY LOW AMOUNT OUT OF POCKET.I like the FHA loan, but honestly, the Fannie May Home Style is an even better product at this point because you just have to bring a bit more cash to the table 5% vs. 3.5% (w/ FHA), but you have a bit more flexibility.  

Mine have a tendency to be rather involved going beyond the original reason for doing it. 

They should have a process for this that will likely involve probate.

Like anything involving holding of funds, your client should do his own due diligence and you should refer several to him if you are going to refer any.