My PM got back with me a bit later and it looks like there was some internal miscommunication so will let the issue slide this time around but will definitely be keeping a very close eye on any repair requests in the future.

Thanks for catching. 

If it is a property that is being flipped it is good to have a plumber and or contractor walk the property with you so can get a sense of some of the things that could be hidden beyond what meets the eye.

Telling you this because there will be a day someday when not pulling permits on things catches up.

Today, I saw the properties and they were right off the eye full guts!

Or is there a catch to this process, why it might not be a great deal after all? 

The only catch is up until now, I have had to leave a good bit of money in my deals, but the ROI on the cash flow i'm generating is amazing.In your example with your 80k HELOC, I would probably use it to buy 2 really nice cash flowing properties, and then use the cash flow to recoup your money.

I didn't know multiple accounts was a problem for this website but I'll keep an eye out for it.

@Cameron Norfleet I was pretty sure there was a “catch” to it, being that it’s easier said than done.... or everyone would be doing it & making thousands.

Since catching the RE bug last November, I have read 8 books (more than I've read in the past 4 years), attended local RE meet-ups & events, identified my markets (Atlanta & Memphis), started building my team in both markets, daily read both the articles and forums on biggerpocket and other sites, analysis deals daily, and have put in a few offers in both markets.