I'm sure there are people who actually benefit from the gurus, but common sense tells me the majority if not the preponderance don't.  

Do you use it for the majority of your reading, posting, or a combination?  

I can back that statement up with hard financial data to prove it.Secondly, I know of several areas in So Cal that have provided the opportunity for positive cash flows, but they are typically well outside the major metropolitan areas in inside the desert areas (Antelope Valley, Bakersfield, Fresno, etc. just to name a few.).

I am obviously talking about a major renovation. 

I am but the "money man" - earning a fixed return plus bonus points; my flipper (who is also a broker associate) gets to keep the majority spoils, but also assumes the risk of mis-estimating repair costs, time-to-fix, days on market, and everything which cuts into his eventual profits (without affecting mine).  

This was a major concern for me.

My point think the majority of investors are kidding themselves if they think they are doing real DD on each deal.  

We're in the minority, not the majority.

But it's a major job.

The major issue is that most commercial loans you will have to renew every 2-5 years (updated credit report and appraisal) so if the market turns negative and your loan is up for renewal the bank might lower your line of credit amount or call the loan putting you in a situation where you could be forced to sell the property.