The market is hot, so be careful (patient too) that you don't get burned.

Anyways, in two years he'll have $28,800 (assuming he saves every penny) but let's say that extra cash is burning a hole in his pocket so he spends $10k.

@Adam Burns  There are a lot of savvy vendors that have entered the market over the past few years.  

That adds quite a bit to a mothballed property's burn rate.The SimpliSafe cameras are $99/each to replace.

They can make all kinds of excuses - the unit already smelled like smoke ;  the neighbor smokes not me ; the wind blows it in from next door ; I didn't see the cigarette burns during the move in inspection ; I only did it once ; somebody else left those cigarette butts outside my door, etc.   

Did it fix a burned out house in a bad neighborhood?

http://www.detroitnews.com/longform/news/special-reports/2015/02/18/arson-fires-detroit-cost/22596529/Every day more and more of Detroit burns down.This could be your great cheap cash flowing property. 

I saw that the areas my team advised on had were like any other working class neighborhood and the stigma of "Detroit being all burned out homes" wasn't true. 

But watch the burn rate of your refinance.What might actually do the trick for you would be to invest in a 1031 compatible syndication. 

His memoir 'Burn Zones: Playing Life's band Hands' also gives some good examples of his character and motivation.