As mentioned before, I totally understand the business side of it for you company and outside employers however it only takes one bad apple to send you into a lawsuit.  

Just make sure you ask about all the fees:  Loan origination, etc   so you are comparing apples to apples, 

so if you're truly looking at it as a business model you need to factor in the cost savings or "rent you're paying to yourself" - usually while fixing up an otherwise unrentable house (it's amazing what we'll put up with when we're remodeling our own places isn't it).If you ever watch real poker players not the tv actor types they never keep all their chips on the table.  

It's not a trick question but it is a leading question, as they say on TV :)Basically, if you're not a real estate appraiser and/or a real estate agent and/or contractor with lots of experience then you might not know.

I've seen too many TV flips where these issues DO come up (despite prior inspections).

I will probably reach out to two or three to get an apples to apples comparison.

Hats off to you, you might not want to tell anybody about property #2 or they'll make a realtiy TV show out of it and new competition will show up!

@J Scott  this is why when I see the TV guys touting 40k on a deal and folks then automatically move to well I just do one a month and Wa LA I am making 480k large a year so sure I will pay 50k to learn how to do this.. why not.

@Andrew Luong,This story screams local news story... how would you like to be on TV for being a slumlord?  

With the $$, I repainted the whole house ($3-4), fixed the cracked kitchen floor tile (2k), removed a living room/dining room wall and built a granite bar island with rolling trash storage (2k), built another br out of a den (1k), insulated (2k), bought washer/dryer/fridge/microwave like new off craigslist ($1.5k) and furnished the common areas with basics (sofa, tv, desk) and some rooms (twin bed, dresser - also CL).