But, if the $100k is coming in from a $3,000 acre from which has already been harvested $20,000 in TDR credits, that's not a bad ROI. 

The units are very utilitarian, in the first listing there are only 2 art pieces in the living room, they are too small for the wall, and they look like they were ordered off of amazon which isn't necessarily bad but it also doesn't stand out.

I am sure there are good and bad locations in Boston. 

It was kind of a bad spot in my life at the time.

At times, the seller may back out, we may uncover bad things about the property during the due diligence period which will cause us to back out of the deal, or financing may fall through.What makes it even worse, we, as investors, may incur some soft costs (costs incurred prior to closing) which end up being sunk costs.However, as investors, we are relentless in our pursuit of cash-flow.

Yes, there are many out there that do it and nothing bad has ever happened, and I say kudos to that, I just would never do that.

Almost every partnership fails and many end like a bad divorce.

Bad, real bad, respirator bad.

If so, what did you learn, both the good and the bad?

WOW that is a bad scene!