Hi Eric, I started investing during the last downturn, not before it, but from what I gather from my mentors who not only weathered the turn, but came out ahead was a focus on the fundamentals.

There are certain types of renovations that -- because they change the fundamental demand for the property so greatly -- can easily add more value than they cost.

As @Alex Deacon said the fundamentals will never change so just know that prices have changed significantly from the 1st episode. 

Invest based on fundamentals in areas that will grow or be stable and with conservative underwriting and you'll be flying back to South Africa in first class to visit friends and family in no time. 

I'm definitely having some troubling times finding a property that meets the fundamental "rules" that help ween out some weaker properties.

Fundamentally though the price increases are driven largely by inventory shortage, not risky mortgage lending practices so there's no reason to expect that the next credit crisis will stem from the housing market though it will no doubt be affected. 

So potentially even if you close something a big chunk could go to the brokerage and then your team and you get the crumbs left over.The fundamental question becomes do you get steady business for high quality leads that you could not generate on your own?

I think, that while you may be right in your observation, there are more rational explanations...The reason, I would suspect, for the fundamental difference you are sensing goes back to the fundamental difference in the investment vehicle itself.

Don’t get stuck in that mindset; learn the fundamentals of real estate, because people will always need a place to live.

I also take into consideration how "fundamental" that investor was to the deal.