You did not get ripped off.If you did your research in advance of hiring your contractor then you know the answer. 

He had a number for the bank but I had no way to reach someone what would know about his case per say.I started doing some more  research on short sales because I do want to be able to navigate some of these potential leads to more of a systemized tailored strategy  butttttt during my research I kept coming across articles that stated that the lender would require the property that is being negotiated for a short sale to be listed on the MLS.

I understand the Cap Rate calculation, but I view that as more of a quick and dirty metric just to determine if the property is worth researching further.

You need to research this.

I haven't finished researching this, but this Lawyer basically lays out the thesis on this approach: http://www.jgutierrezlaw.com/uploads/Subdivisions.... has anyone here ever done anything like this?   

You research the newspapers going back to the year the house was built .

My wife and I are finally getting started with rental properties after months of research and a lot of property hunting.

Through my own research of the insurance code, I have found that as a broker I need to give my client the Standard Broker Fee Agreement and Standard Broker Disclosure along with the applicable insurance pamphlets.

This is also our first property in SF; we're doing all the research we can re: being landlords in a very strict county.

I am starting my research for a good turnkey provider.