Biggest advantages are what I mentioned earlier, low closing costs and you don't have to pay for money you don't need.  

The biggest part to me would be to bring equity and cash flow in line.

I don't think it signals that the long-term outlook is bad, but probably more likely that their net yields have peaked.I think the biggest danger would be trying to invest in the markets they are in - would be tough to compete against them.

I realize now that the contract I signed was my biggest mistake and even though I had provided a SOW on the initial walk through, I made the horrible rookie mistake of not having it signed/included in the contract.

It is often the single biggest hurdle new investors have to cross.

My biggest piece of advice is however poor you've been living in college...

My biggest complaint about it is that it makes running wires in the future a pain.  

@Taylor ChiuMy biggest concern is that this property is in a historic town, what does this mean for my potential investment property?

The biggest difference between just being a regular person finding off market deals and a licensed real estate agent is DISCLOSURE. 

I believe that the biggest reasons people are not rebuilding is because they were not adequately insured and the rebuild process is just too daunting.