I really don't understand what my broker is so concerned about. 

To me real estate is a way for me to earn income and have more free time for my two kids and be able to leave something behind for them.

@Dan Simpson what a detailed post :)Before you move ahead on this deal, you need to calculate if the renovations you want to do still leave room for you to make money when you sell.

Probably not much different than leaving your cash in the bank.

Unless the Investor is conservative with the numbers from the outset, they may end up leaving a lot of their own money in the deal after Refi, despite all their knowledge about the "theory" of BRRRR.

But he may be right as well. you should have gotten multiple bids before you started the project. that would have addressed your concerns regarding overpaying.

Apon leaving the property, the man living there walks up to our car and lays some serious news on us.

Hello, first time poster and would appreciate some feedback on a few areas of concern as I look to expand my buy and hold portfolio. 

My concern is that what if the existing shareholders don't want to sell the shares, then, will they become a partner in the deal or just continue owning the shares equivalent to the apt sq ?

They are trying to tell me they don't carry insurance to save on costs..... concerning to say the least.