If you are spending more time analyzing deals in a spreadsheet than looking at properties and watching how fast everything is selling and at what price, you are stuck in video game investor mode where you are crunching numbers and then seeing what the lowest (highest) price you can offer based on your data.

If exterior is in bad shape and roof, windows, parking lot, main water line, tree root issues pop up that could add thousands per door to the property.When you use high debt service on vacant properties you want a fast lease up.

We are risk-takers, so we are looking to get all of the money out there working for us, along with fast turnover.

I have come across a number of strong deals but did not have the means to close them fast enough nor the right relationships to partner with on them, and I cant stand passing on great deals!

Sounds like the  tenant pulled a fast one.  

I'm currently on my break so I am having to write this fast.

And in typical IRS fashion, there are no hard and fast rules on being a dealer, just a judgement call. 

A few other things you will need are an established realtor that will list the house at the right time and sell it fast and check comps before you buy, a backup contractor in case this other person doesn't follow through or needs help finishing in a timely manner and possibly secondary financing in case you need more money just to finish and protect your initial loan.  

Fast talkers, and money hungry folks.  

As for the down payment, how fast do you need it?