Trendy high end condo type houses would logically command a higher sales price, and even if the profit remains the same, I'm sure the properties will move extra fast if correctly priced.

The large developers I know already have relationships with banks and get better financing with a phone call.Aside from that - so a person is looking at 40-60k in rehab costs correct?

If I'm reading your questions correctly (I'm pretty sure I am) then the answer to both is NO.

Please correct me if I am wrong.

If you want to fix that, go back and file corrected returns and pay the taxes and penalties that are owed.

Correct?

Done correctly, these properties offer fail-proof investing – plus the income (rents) is indexed to regular living costs, which provides protection against inflation.

Of course there is always the exceptions and if you have the ability to buy correctly to avoid/minimize the risk.

I couldn't even guarantee the correct spelling of the tenant's name, let alone other legal information.3) I mentioned that the tenant must have been aware that the owner was out of the country because she used to call me a few days to the end of the month to come and get the rent but this time I called her on the 2nd and she humbly asked mt to wait till Friday (another 3 days).

Right on ...Labradorite Big Blue...correct?