Heuristics are great for quickly weeding out terrible investments, but they should only be the first step when considering the merits of any individual property.Imagine 2 identical homes built at the same time across town from each other.  

One of the biggest reasons a hard money lender won't steal the deal you presented them to is that they don't have the time nor is it part of their investment strategy.

Do I have a attitude, you bet, can't collect from them when they default and 80% will be a problem guaranteed.The vast majority on welfare of any type in Ontario are scammers stealing tax dollars and all believe they deserve every cent they receive.

I'm looking at an almost identical deal... just double every number.. cost, rent, etc...  

Our two identical buildings and a third owned by Bob next door that is a fifth the size of the first two that produces $20,000 NOI at market.

Generally, it is better to try to come to an accommodation with the senior lien holder before purchasing at auction, but that can sometimes be a challenge depending on the nature of the loan and the identity of the lien holder.

An identical house can sell for $25,000 in one park but $75,000 in another park 30 miles up the road.

Back when copper thieves were out stealing wire, plumbing and looting HVAC units they'd typically hit empty units. 

You aren't stealing.  

That's a steal.