I frequently make offers based on nothing more than the MLS listing, sight unseen, with a cash offer above asking within 24 hours of listing...so yes.

Also have used Mecari online auction/ sale sight for collectables 75$ for a garfield fishbowl.  

I am willing to bet my mortgage that interest rates will be higher in 7 years, not lower so locking in incredible long term low rates today makes better sense in my book.As to returns, another poster stated 9 years to get the return. 9 years to get your principle back is still a good rate of return, especially when you consider that in 9 years from the day it is built, your investment is still there and likely has appreciated (since it is in CA) so your total return is much higher.

Based on the below how much would you bid if you really wanted this property and were ready to take it as is sight unseen? 

This will be paid off as well according to the PM, no end in sight to the bailout.This is not the only story I know of like this.....So, no evictions because why would anyone....?

Remember that only the interest/tax/insurance portion of the mortgage payment is tax-deductible - the portion that pays toward the principle is income.

Purchase price: $47,000 Cash invested: $6,000 Found this home on the MLS and made a sight unseen offer with a 24 hour due diligence period to ensure I had a chance to walk through it before it truly became official.

Wear and tear on STR's is out of sight. 

First, don't get me wrong - I am on your side and in complete agreement with your principles.

There are principles to real estate investing that you can apply across the country.