Just my opinion and from what I've seen and heard @Chuck Drinnan ...People tend to stay away from apartment and condo flipping because the demographic are  smaller.

Underwriting on hard money tends to be a case-by-case basis. 

In my county they are pretty fair on the higher end homes, but they tend to be high on lower end homes.  

Median type tenants and affluent expect certain things usually more than low income.Low income however has income stability issues and tend to be more unstable and have additional wear and tear on the properties due to living lifestyle.

That being said I tend to pick and choose my days.  

i would tend to think so as long as the proper disclosures are made.

Smokers tend to be smokers.

There are many great PMs out there who know what they are doing far better than the property owner and will take better care than the owner, partially because the owner doesnt know better, partially because owners tend to be more sympathetic than a PM.

I tend to "chime in" on topics I am educated in and experienced with...not just throw out some opinions based on a Google search, a book I read or an article I looked over and so forth.

I know there is a lot of interest in probate deals, but the barrier to entry tends to be learning the process and focusing one's effort on that type of deal.