The old saying, "even a blind squirrel finds a nut once in a while" applies.

Chris Mason, in my opinion, the 50% rule is irrelevant in most high-rent markets such as you'd find in many parts of California (and elsewhere in the country), and its irrelevance in California is amplified by Proposition 13.There's no way that a 3/2 SFR renting for $3,000 in Orange County or the Bay Area or a suburb of LA is going to have three times the expenses over the long-haul as a similar house renting for $1,000 in Indy or Cleveland with its lower-quality tenants and harsher weather conditions, which is what someone blindly applying the 50% rule to each property would come up with.

Some larger banks have 3rd parties that blindly bid them out. 

Fiduciary duty is not the same as blind obedience.  

If you want to avoid paying that fee and go in blind, do some research. 

You could just have the seller sign a blind HUD without doing a double closing.

Often times listing agents will not accept offers from out of town investors (who don't actually look at the property and submit blind offers).

So you naturally can get a little bit of accidental (but predictable) blind leading the blind.

I was visiting Canada this summer and dropped by one of our latest projects to check the progress...ended up making 2 trips to the hardware store, installing a blind, kitchen cabinet hardware, weeding the garden, mopping floors...I was there for hours!  

I just had a tenant move in the beginning of this month, and the tenant has sent a long list of requests:1) Some of the blinds in the kitchen are broken and don't work.2) The front door is difficult to open and lock.3) One of the bathroom doors does not close correctly so it can't be locked.4) Vanity cabinets in the bathrooms are rusted.5) Light fixture for stairs is broken with loose glass falling out.6) Replacing all lights with LED to lower electric bill.7) Thermostat is broken with no hot air, only cold.8) Plug for the vent/lights over the range is broken that needs to be replaced with wires hanging out so you get shocked when you plug it in.9) The tub/shower for the master bath has no water coming out.10) But, everything else is great!!!