Therefore you have to rely on contract, if its a new build, make sure its in the Purchase Agreement.Why?

I partnered with him and purchased my first property here in Columbus, OH.

You purchased six properties, and we have to assume, based on your post, that you purchased and renovated them for below a current market value. 

I currrntly own a home and am renting it out, I am working on purchasing a duplex.

This, in turn, allows for higher rental rates or quicker sales, directly impacting the ROI.I could remember when an investor purchased an old, three-story commercial building at  a bustling downtown area.

December is the worst month to try to rent the property.Who determined the rent price?

In Cleveland you could also purchase a property in an area that is improving or on the border of one.

Most get cornered into purchasing specific property types because its what their resources allow.

The latest red flag is his belief he purchased a "fully renovated" property in Philadelphia for $115K.

The family purchased a lakefront property in a nice area three years ago but then ran into a series of issues, and have abandoned the place because of them.They are hoping the bank allows a short sale (asking for roughly $20,000 under what is owed)Here's what's made them so unhappy:Anytime they used the laundry it was dumping into a dry well, which would back up into the house forcing them to take their laundry to a laundromat instead!!