So much so in fact, that I have decided to replace ALL toilet flappers at each turnover or minimally every 12 to 18 months just as a preventive measure.  

Tenants who are really worried about getting evicted and want to prevent it are the good ones. 

They also want to prevent the deals with relatives and friends agreeing to do a straw purchase and then sell the property back to the original owner for less money.

I was in a similar situation where a bunch of strange hurdles prevented myself and partner getting a mortgage - could go on for a while about that, but wont - so my partner got a home equity loan against her primary residence to finance the property (buy and hold), and I put about 20k in.We got the property with the plan to refi out.  

The next step for these home owners is foreclosure, so your pitch to them should be that you can help them prevent foreclosure and save their credit.Best of luck!

But I heard that the banks will not appraise that extra square footage, which would prevent buyers from purchasing.  

How would you guys have handled this differently and what tips do you have to prevent things like pig surprises from happening?

My purchase deal is scheduled to close in a couple weeks and I am contemplating how to best flip the lot.I am buying it for $13,500 (paying $10k cash to seller + paid seller's back taxes and court costs) to prevent it from going to Constable's tax auction. 

Why risk your home over something preventable? 

If you restrict yourself to only using the money you have in your pockets, then you have a limited supply of money, which not only prevents you from doing deals, but also gives you a slower growth rate in your business (how fast do you want to get out of your career?).