I spent a lot of money fixing the place up so I would be able to show a fat loss on my taxes.

This in turn depends on numerous factors: how hard the homes are to sell, how much marketing they need, what the typical commission is in the area, how hot the area is, etc.One word of advice: pigs get fat but hogs get slaughtered.

I am picturing using my current single-family deal finding skills to list and sell a few high-value commercial properties per year and collect some fat commission checks.

I would much rather have to undergo a major rehab every 10-15 years than "light" turnovers every 1-3 years.

The thought of the old fat guy smoking a $500 cigar at the club, bragging his azz off is usually one not the picture of a successful person, as he likes people to think, he'll also be sure to be setting himself to be taken down by those with means.

I am a big believer in the 80/20 principle and "trimming the fat" so I really like what you said with "what works vs. what doesn't".

Like it or lump it, the Fannie/Freddie stuff amounts to a big fat gov't subsidy of the loan terms, and it's tough to compete with that if your loans aren't thusly backed. 

I agree with @mike Roberts .....less utilities the better.. also in City of Philadelphia unpaid gas bills from tenant will go against the property nice fat Lien...

Fat chance.Is this an owner-occupied unit?

I am currently under contract for a property in Kansas City built in 1957, recently rehabbed which I have had undergo a home inspection, inspection by Structural engineer and most recently a plumber inspector as the home inspector was originally unable to access the sewerline from outside of the house and was not licensed to remove the toilet so he suggested having a plumber inspect the sewer line.