Or are we passing up perfectly healthy deals? 

Not perfection.

That's so close to perfect, I was so happy.

It's a perfectly good strategy, and the one I use.

I'd say that I would be perfectly comfortable with a working class property that is just a middle of the road workhorse.

Hey Henry, I have an architect that specializes in Flushing/Bayside and would be the perfect resource in guiding you towards the right direction.

Living in Southern Cal, I knew the market back in Oklahoma (where I'm originally from) was perfect for various buy and hold strategies discussed on BP, but I couldn't do it from afar.

What happens if within the first 60 days you have to replace a hot water tank, HVAC system, and have a major plumbing issue where the entire house plumbing lines have to be replaced and you're out $20K+... 

@Ron Dayley perfect example is this home: http://www.zillow.com/homedetails/602-Avondale-Rd-Oak-Grove-KY-42262/105786961_zpid/ It is a 3/2 with 1344 sq ft a one car garage and what could easily become a fenced in yard.

The execution must be perfect to get the benefit.Actually, I have been encouraged to go 50-50 with investors many times and I tell them I am here to service them.