When I discovered that he had lied I attempted to cancel the contract within the 5 day grace period but he told me that it was not possible to cancel the policy.

What books do you recommend for increasing efficiency and productivity when it comes to managing rehab projects?

The contract requires periodic payments over a term and upon completion title vests in the name of the buyer/borrower of the real property.  

What I am trying to figure out now is an efficient way to determine which owners are absentee and/or live out of state?  

Give yourself a solid out or two, like "Subject to a 60-day inspection period."

This saves on vacancy and can keep the properties rented out for longer periods as they will recommend the house to incoming students, almost like a college rental.  

The buyer handles all the maintenance during this period.  

From their latest SEC filing they had an 'average rental rate increase on non-month-to-month leases of 3.3%' for the three month time period ended September 30, 2015.

Your numbers above for purchase price and comparable value 5 years later are suspect to me. 16,000 in appreciation over a 5 year period is equivalent to an average of less than 2% a year appreciation. 

If houses are sitting vacant for long periods between tenants, and prices are declining, I would encourage you to look at other markets.The final thing to remember:  Just because there's always a deal somewhere doesn't mean that there's always a deal everywhere.