Do you have a source for these claims?

The only source of knowledge is experience.

- ‘lifestyle’ business – ie simply intended to be run by and to provide an ongoing source of work and income for the proprietors, no clear vision for the long term future?

And you don’t mention whether the fuel source is electric or gas or oil.And all of the above assumed a central heating system; it’s quite possible you have electric baseboards that could lead to other questions ...

Aren't you still fully leveraged, just borrowing from a different source?

Or, how are you sourcing? 

Both as a source of rehab funds and funds to use in other markets that are cheaper

@Milan Patel Take a look at My Rent Source.

They simply have less exterior attack surface to defend.Age and life of components: I sourced average useful life for a laundry list of components from InterNACHI and a few other sources to fill in, as well as my own professional experience. 

I source off-market parcels for some of the development work I do and have had the most success by just calling the owners.