An apartment owner friend mentioned that the newer laminates and vinyl look much better and are more sturdy. 

A lot of those old stone foundations are actually quite sturdy.

Way more sturdy that todays standards.

Karma is a *****, sturdy reputations are tough to come by, and working with somebody you know and trust really can't be bought.I don't object to the concept - in principle.

However, I've seen hundreds of older homes and it does appear the solid wood is more sturdy and last longer than the cheap stuff.  

Cash flow looks great and property looks sturdy.

As for your thought about the requirement of always being on a leash, you can add this but be prepared for renters to ignore this and let their dogs out in the backyard off leash.

Everything you listed as "risks" for flipping can very easily happen on a buy and hold property without the proper education (purchase too high, go over rehab budget, over rehab/ under rehab).There are definitely investors purchasing non rent-ready buildings so a rehab budget comes into play, as well as knowing what materials are best and more sturdy since over rehabbing things for them to be ruined after one year may be costly. 

Their soft close hardware is attractively priced and gives the cabinets a higher quality impression.The cabinet boxes are where they clearly save some money as they are particle board and melamine, but once assembled they seemed sturdy enough.

@Kendall Roberts I would put them on a very short leash.