Naturally, we're buying stuff in significant need of rehab, but a turn-key that will rent for $1,250/month in our area will run somewhere around $115-135K.

In the summer people come to boat, fish and enjoy the lake, they come to camp, to hunt and to enjoy nature.

Natural attrition allows the investor to cash flow the property while doing renovations on unit turns.

Naturally, your buyers not being able to get 30YF @ 95% LTV is going to impact marketability and thus value.I'm not saying not to do it, but please be very thorough in your homework to ensure that you aren't yet another person trying to unload something no one can get decent financing on.

Most times, shrinkage cracks of this nature are not a big deal, but should be monitored to ensure the cracks aren't getting wider.

It's only natural. 

This changes the nature of the investment from trade or business (simply buying and selling) to a passive rental property.  

I think it's perfectly natural!

THAT is a "pig", though not necessarily a P.I.G. if you can get it for the right price to allow all the needed udpates and remodeling (open the layout, enlarge the bathrooms, add a walk-in closet in the master suite, ...).

I went to the police department and they said this appears to be more civil than criminal in nature.