After spending tens of thousands in application fees to get planning permission, the day that the first foundation is dug for the two properties, they will owe the council another $80,000 in taxes.

But if my options for investing my $10M lottery winnings (after taxes of course) were to put it into on investment that earned a decent return or thousands of smaller investments that earn great returns, I'd probably go for the single investment for the sake of simplicity (think management, taxes, liability, etc).  

If they have an old backflow valve that is stuck open, due to rust or debris, thousands of gallons of poop can enter a home or several homes at one time like a huge mudslide.

That qualified me for a $25k job (in 1998).I just took a real estate licensure course that had quite a bit of rigor (though broad based, not very specific on any of the topics) and I'm sure that there are a lot more millionaire real estate investors than there are millionaire real estate agents.I have a really good job right now as a programmer and trust me I've had to read lots of very rigorous books to get here and to maintain my skills but it won't make me rich.What this business really takes is "big brass ones" (@Joshua Dorkin, podcast 105) and if people find that in these books then I think they are the books with the most value in this industry.Yes, if you rush in you might make a mistake that will cost you thousands or even tens of thousands on a single deal. 

So, for someone with a lot of money in a country where the currency is volatile, they may consider "storing" money in SF real estate a better idea that possibly losing 40% this year from fluctuations (SF is one of the most well known cities in the world and draws a lot of international interest).Secondly, for those doing this locally, you also have to remember that the very poor condition home that was rehabbed could easily be worth a few hundred thousand dollars more now depending on where it is.

I can call a contractor from thousands of miles away and accept the first and highest bid myself.

A picture is worth a thousand words. 

Needless to say he has been around this block a couple thousand times and a great resource for anyone interested in learning more.

I sold my last (spare) copy of the book you requested, but in the library of ASRE you find thousands of RE books.

I would just tell them you will make a few repairs and give them a concession of a few thousand.