So combining the two properties, the one that I legally bought by mistake and this lot it would even up the $20k that I had paid for the wrong property. 

I have accidentally posted this to the wrong section.

Not sure what you did wrong on Listsource for it to be thousands of dollars.  

But since it works perfectly fine for me, it always rubs me a bit wrong when folks imply having no job is better than having one.

I'm pretty sure my data is wrong but I can't seem to figure what it is.

I could go on for pages of what could go wrong if you are absentee and far away (and trying to manage it from afar).Bear in mind you may have to go by frequently for any number of issues related to the tenants, the building, etc.

If you are gutting kitchens & bathrooms, opening up walls, altering the floorplan, relocating or otherwise upgrading plumbing and electric, and then the plan is to immediately flip the property and you don't wish to get sued into oblivion after the sale if anything should go wrong, then yes, pull permits and used a licensed, bonded general contractor.If on the other hand this is your personal residence and you just want to paint, change some trim and flooring, and freshen up the bathrooms and kitchen without gutting or moving stuff around, then you may be ok without permits.There are many shades of gray between those scenarios too ...

Is my logic wrong?

From my experience, things go wrong, and having a partner to assist you will be very beneficial.

Wasn't an issue back when they bought it, and luckily the soil tested clean when they removed.