For me- boom areas are like going 'all in' in poker.

I had a tenant once say he's a professional poker player, plays poker on the internet and gets paid from an offshore account, but he said he doesn't include much of that income when he files his taxes, he wanted me to trust him he could make the rent...I now request the annual 1099 (equivalent to W-2), certified copy of IRS-1040, and letter from accountant (preferably CPA) which should state nature of business and income holdings, annual income expected for current year, amount of annual personal income applicant takes from business, and bank references, credit report, etc.

You don't have to learn how to play poker by going to the high stakes table immediately.

It doesn't sound like it was a home poker game that got busted, it sounds like there was a full on casino happening with dealers, etc. and he worked to conceal it.

It helps you thinking logically and following through with you have deduced to be the right decision.I just played poker and never never ever the pit games.I do get a huge rush when I complete a big project on a property.

Good poker players make great negotiators in my opinion.Steinhorn?

@Ken Domond, I hear you leaning - Poker players call it rat holing. 

LESSON #7 Fellow Newbies: Play poker because in this business you need to have a poker face.

They would not need to mass market if they had quality deals because there would be enough local interest to absorb as many deals as they could find.The old saying goes "if you sit down to a game of poker and you don't know who the chump is... you are the chump."

I may be better off just holding on to the property, increase (or at least maintain) it's equity, and position myself for the long game.