Third, if your credit is just average, you may end up needing to buy down the rate to get to something that makes sense, thereby burning through some of your down payment money. 

With that said though you could go after the seller and the sellers agent for lying on the selling forms...again lawyers though and burning bridges. 

My experience is that prospective tenants do not believe your are going to fix items you say will be repaired prior to move in because bad landlords have burned them too many times.     

Continue to be conservative in your underwriting and you won't get burned later. 

Non-savvy investors are always buying and do not realize they could get burned since the end buyer needs a mortgage to purchase the property.From this, the initial increase in interest rates could lead to an increase in housing prices as people rush for the last chance to pick up a property before interest rates get even higher. 

One from 2007 probably wont have cracks like the old cast iron ones but they do rust, or burn out. 

I will say that this is a risky plan upfront and I've heard of many many investors and business getting burned doing things like this.

Those who get burned do so by greed and FOMO. 

Dark tile flooring, a wood-burning fireplace, and high ceilings.

Sometimes it burns the house down right before Christmas!