Each area of real estate investing has a different personality type with particular skill sets and personality traits to match that niche.

He is very skilled, so most times it doesn't cause a problem. 

An inexperienced operator can turn a gold mine to rubble and a skilled operator can accomplish the reverse.Without experience you should not be looking for a deal or money instead you might try finding an experienced operator who is willing to take you on so you can work and gain experience and make contacts.

This implies I will achieve a better return on replacing the old and broken cabinets.To answer the OP's question, a rehab can produce positive return above the cost of the rehab for a condo (just as it can for a SFH) but it has to be done with various skills to ensure a good return.  

A big part of me wishes I would have had the same direction and financial intelligence I do now, I perhaps could have devoted that time and money that went into school into starting my business, learning a trade/skill that pays well, etc. 

@Manny Cirino -- (or anyone else - feel free to chime in) this might be a dumb question on my part -- but in single-tenant NNN cases, can the would-be buyer arrange a new lease (contingent upon him closing the deal with seller) with tenant before the purchase is consummated? 

Sorry if this was already asked, please direct me to the thread is this has already been posted.Before, we have to rely on the skill, mls, knowledge, connections of the real estate agent to find us the property we are looking for.

If you're either willing to obtain necessary knowledge/skills to do it right or accept subpar results from "just doing it" - a lot of things are DIY-able.

All the different strategies come with different levels of risk, skill levels, resource requirements, etc. and they all meet different goals.

I have the skill set along with people close to me to do the work myself but then the main question here is...what are the cons of buying a foreclosed house?