What happens when the vet fails to pay down the road. 

When the house failed because the tenants failed to clean the bathtub of mildew (and he listed it as the dreaded "mold") and the drip pans under the range needed to be replaced, guess who had to do this. 

One thing I failed to mention, everything I mentioned above applies to non performing 2nd liens.

Another couple items I failed to include in the property condition section:Pergo flooring as been purchased and is sitting in the garage for lower level living area, needs installedCarpeted areas are subfloor and would need to purchase carpet ~1200sf

If all fails, you can always donate to the fire dept for fire practice and potentially get a nice tax deduction ;-)

They take much longer and the joints are more likely to fail.  

They fail to leave out how levered to the hills these folks are.

I'd be happy to review your math that shows cap rates as a profit metric but you continually fail to back up any of your statements. 

The buyers financing failed quality control apparently and also the buyer delayed quite a bit.

But they fail to realize that I'll be selling after 12 months and the properties are usually 3-4x what I paid for them so they should be decent priced listings worth having.