Even with a solid lease, there is very little recourse going after a tenant who just lost everything they had. 

Since I have never lost a dime in RE held, it's kinda hard to argue with that strategy.Sorry to thow you a curve calling it the acid test, but it's a quick computation as to proceed with further analysis, that's all.

And I haven't lost the ability to continue to save money.

In some areas of the country where unemployment is close to 20% and have the highest number of homes that were foreclosed on, there are property owners that have lost jobs, but were able to hang on to their property by renting them out.

Trying to learn this business on your own, or by simply bird dogging, is a lost cause.Just my two cents.

In an effort to keep my business and considering how badly the investment they sold performed (negative return due to 3 lost rents, attorney, repairs) compared to their projected of 16%, he offered he will cover the repair cost of $2000.

A lot of the tax sale properties are actually inherited and just lost due to the taxes not being paid.  

Some of the undervalued areas have crashed so hard, and lost all of the job creators, therefore; it may be decades before they recover, if they ever do.

You've already lost.  

I mostly bought it because I lost my old copy and I always want to have one.