In fact, we get frequent hard money loan requests for the purpose of buying out family members (and friends!)

The purpose...to avoid the 20% down on investment properties!  

Pipes can eventually start to weep (similar to aged cast iron).Buying a property with galvanized plumbing, or old cast iron drains, is not a deal breaker, but you need to budget their {maybe not immediate, but near to mid-term} replacement into your cost modelling of the property.

I've painted copper black before bringing to a job site in bad neighborhoods, so anyone watching would think it's black iron pipe

The purpose of a finish on a hardwood floor is not only, or even mostly, to look good.  

A property containing more than 4 residential units is considered commercial for lending purposes.

Also forgot to add, as an exercise on the 1 or 2 day, they "teach" you how to raise our credit limit for "investing purposes".

I was wondering for the purpose of starting out, if the premise of this strategy would work.  

Yea, I'm sure some people may disagree with my approach but if you try and rule with an iron fist, it just won't work in most cases.  

I'm having initial conversations with some here in Phoenix for the purposes of flipping.