Then just a few tools of that substance in other areas.

Then I would get occasional emails from the VRBO bots whose algorithms told me I was "in danger of losing my listing privileges" because of my "low conversion rate" - as if somehow it was my fault that 1000 people looked at my property (which I did not believe), 5 people inquired, and only 1 person (if that) actually booked. 

Way less dangerous.

Sure everything appears hunky-dory to the casual tourists in the big tourist areas, but if you dig a little deeper, spend more time there, travel outside the main tourist zones, get to know some locals, read the local newspapers and look into the crime rate or are unfortunate enough to become the victim of a crime, you'll learn quickly that it's actually a legitimately dangerous place to live and do business in.

Did you use a do-it-yourself mold test kit to determine whether the black substance is mold?  

The risk in that is that if the market takes a dump or your property declines in value, you won't have the equity to do the refi and would be in danger of foreclosure. 

that you should rent and put your money into the stock market if you are looking at beating the averages." is very dangerous for the unskilled investor to follow.

Interesting addition to the discussion ... http://politics.usnews.com/opinion/mzuckerman/articles/2010/11/29/the-danger-of-a-global-double-dip-recession-is-real.html

But do you want to error on the DANGEROUS side or error on the CONSERVATIVE side?

Next I would find the areas that I will get the best return on rent vs what I pay for a mortgage, though personally I tend to avoid dangerous areas just because thats more than I want to deal with, it opens a whole new can of worms.I would find a house in good shape, not too big, 1200sq ft to 1800, at least 3 bedrooms and 2 baths.