So if one of the members messes up, the other members may personally be liable for the conduct of that particular partner.

Read this threads on partnering: How to Effectively Conduct Joint Venture Agreements as a Real Estate Investorhow-do-i-properly-construct-a-purchase-with-a-partnershiphttps://www.biggerpockets.com/forums/51/topics/591...Taking-on-partner-s-and-limiting-our-liabilitesQuestions-for-capital-partners/Real-estate-partnership-questions/And here is a diagram to help guide you on this quest - talk with @Scott Smith to get implementation details:

You want to have a thorough inspection conducted so you can see what issues you will be facing in the long-term, but keep in mind that just because the property is old doesn't mean it needs to be upgraded.I hope my thoughts assist you in your investment.

Any closing I've conducted where my client was forced to purchase under the gun, there was a serious underlying issue.

You conduct your inspection and if you ask for repairs, then we send the list to the seller and ask them for their response without opinion like “obviously don’t do this one.”

It's pretty easy to see by these posts who has worked with General Contractors successfully and those who have not.When folks condemn a whole profession because they've been "burned" at some point in the past, it just shows how ignorant they are.Of course you need to research whomever you are considering working with and General Contractors are very easy to assess once you know what to look for.Instead of complaining after the fact, get better at conducting your own due diligence.Contractors, like ANY profession has some bad players, BUT it's your fault if you haven't done the proper research.Just a thought.

Conduct routine inspections at least twice a year   3.

In fact, I encourage my clients to form a Traditional LLC shell corporation to conduct all business with the public.

About 50% of the states conduct tax sales were they convey title (tax deed states)  other 50% have auctions were they just auction a lien on the property (tax lien states). 

He must be a licensed inspector to conduct inspection and he is supposed to follow all the rules and regulations.