Calculate the loan payment and you profit or cash on cash.Do any of you guys use this method?

This means that we have exhausted all traditional methods of softening a blow of recession.  

Indeed, some of the oldest properties in New York and places like it are the most expensive.You do need to be more concerned about things like foundation issues, galvanized plumbing, knob and tube wiring, etc.

I personally would apply both these methods on a non-HOA property over a condo.If you do decide to go the condo route, though, then I'd say consider it more of a live in flip than a long-term buy and hold.

Say I did this method 5 times and successfully have 5 properties with 200k + my initial capital (110k), what happens from here? 

If you can individually isolate the water supply to each unit and each fixture within each unit, you should soon be able to eliminate/identify subject plumbing branches.Last year we had the water bill at a property triple during one quarter.  

I also use the old school method and drive around a look for “For Rent” signs and call the owners and see if they have any properties they are interested in selling.

He has said that after an offer is accepted, if we had a inspection that reveals a major issue (i.e. foundation, plumbing) that it is possible for an investor to get his/her earnest money back.Is that the case?  

It is a total project, the only thing that has been done is plumbing, electric, some duct work for AC, and the foundation and frame of the house.

In parallel I've been learning about the general REI strategies out there.I have two rentals that i bought a few years ago but knowing what I know now, i prob wouldn't have bought them due to using traditional buying methods.