That said, for your first project, this sounds like a large undertaking so without experience, you have more downside risk than someone with experience for a job like this.

Would love some opinions on an undertaking of this size!

After talking to my friend, he seems extremely hesitant to undertake the full rehab.

You hereby expressly acknowledge and agree that ABC is not responsible for any debts or obligations owed by the tenant to you and that ABC is not undertaking any such obligations.

Initially, sit down and explain the entire process and potentially review the building sites with me and consult during the construction process if I decide to undertake the project.

Think about an investment plan for the real estate property you want to purchase: you can venture into improvements on the property which means that you’ll buy the property, undertake the necessary upgrades and renovations, transform it into a desirable property for a profit.

I don't ever think an accountant is overkill, although it shouldn't be a huge undertaking either with just the one property.

Slight redecorating, paint, replacing dated things Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I would probably add an outdoor kitchen area, game barn, game room/theater in the house, in addition to slowly redecorating and upgrading bathrooms to be more spa like.  

First, an 18 unit for a first time or newer investor is a huge undertaking since this is considered a commercial property and most lenders prefer prior experience for this purchase, second, to obain a 20% down payment for a first timer/newer investor is impressive since commercial loans vary depending on the project but 25-35% down is common.