Especially when you can buy properties elsewhere that start with positive cashflow AND built-in equity.

You can get yourself caught up in "equity stealing"You don't want to be in court defending a $10k assignment fee because you put a 20k offer on a little old ladies house then sold the contract for 30k.

If the comps are truly for comparable homes in the immediate location, and you can start out with ~$100K in equity, I don't see how this can be a bad deal. 

You may realize later in your investing career that being able to essentially get hundreds of thousands in equity financing for future deals (by preserving your capital by doing FHA deal on the 1st) at a 30yr fixed rate for under 5/6% is something that you might kill for later....especially when you'll be able to get a CD earning more than 6% in 5/10 years until your loan maturity 20 years later, and it's going to cost 15% interest or more if you want to borrower equity capital short-term from a private lender (above 80% LTV) - IF you can get it.

Inheriting more than a half million dollars in equity shouldn't be depressing, but I've seen even that amount totally wasted in a couple of years.

I use net income/paid in equity and net income/mark to market equity.

Currently our company is structured 50 50 my partner and I put in equal capital to start the business.

I do help drive a good value when I can for my client but there are limits constrained by the marketplace whether MLS listed or off market.An investor needs to understand that if they look for a year and land something they might stand to make 100,000 in equity etc. whereas the broker looking for the needle in the haystack is making a few k maybe after split.

in equity only because she put $100k down on it back in 2008 (she is of the belief she has zero equity).

I'd tap 55k in equity, pay off the 50k in student loans. and spend 5k in home improvements.Hopefully that 5k can at least give me some ROI, and I'd have a better looking room.