The good, the bad, and the really ugly (like Morris Invest). 

All they will find in searching your credit history is bad news.

I paint the walls but I don' t replace the paneling with drywall.I rip out bad kitchen cabinets but I replace them with craigslist used onesI leave in old carpet if it is still in good shape but not a nice color. 

A vague foreboding that it could all go terribly wrong, that you never really know, that one day we could get a call that the whole building had gone up in smoke, or a giant sinkhole had opened underneath it, or a particularly bad windstorm had flattened it, or bad wiring caused one of the tenants to be electrocuted, or, or, or...We are all afraid of failure, and worst of all, failure right at the beginning of something, a failure that completely exposed our incompetence for all the unkind people we all know to laugh at behind our backs.

For the next two months we kept looking and eventually found one and could have it installed for $1600, which wasn't bad, but we already spent more money than anticipated on the kitchen.

I had been financing him for years. ( he is now one of the top Guru's in the country).but he had been turned on to the market and liked it.. and since I knew the borrower so well I did the deals for himnow he had a tough time on the rehab.. what happened to him is what I have been warning folks about on other threads this latest pod cast and book about remote rehab is so dangerous to the begineer.. this guy was anything but.. however my position was so low in the deals I made my money he lost 20 to 50k a house.. contractors ripping him off  thefts time it was a nightmare for him to try to do it from CA> but don't feel bad for him he makes 1 million a month or better right now being a Guru  LOL..

I can hardly imagine the loyalty you have from the real professionals in the industry.I have talked MANY a client out of properties that were bad investments - and I do the same for retail buyers.If you're a professional negotiator, great. 

I had a bad feeling from the start something did not seem right about this guy.

Of course, you get the property in its current condition, so you may inherit bad maintenance or environmental issues.

That's not a bad return on a flip by any means.