Seems like a great way to make money while I'm studying to earn my license.

I am currently studying hard to acquire my real estate license in NY.

Useful life and salvage have nothing to do with it, you depreciate over 39 years (unless you do a cost segregation study, in which case you can pull a bunch of it forward). 

The property seemed rent ready but I just discovered major plumbing issues on a slab foundation.

Hi, I was about to close and we discovered an oil tank we removed it and it has holes.Now we are waiting to get the results from the New Jersey lab to see if there is any soil problem, I am having issues because my rate is running out and I need to close any day in order to keep my rate, and they are willing to put an escrow only $5,000.Am I risking too much?

Sometimes when I search the local GIS and discover a certain investor owns many properties in an area, I will look them up. 

My husband and I discovered real estate by a lucky roll of the dice.

For those investor whom have followed this strategy or have studied it, what would be your best advice in order to be successful?

Does that align with the rent studies that you've done? 

We are doing two things though: 1.) looking to Seattle, since it is heavy on tech, an attractive place to live, expensive like Denver, etc. and has been hit pretty hard; and 2.) studying trends in 5 day increments to see if there are still listings and also if homes are going under contract.