Next time, we'll be more patient and wait until it is completely finished and staged.

I would bump up maintenance and cap ex to AT LEAST 10% each, more if want margin of safety.

Unsafe" is probably language that local C/E uses to refer to Health and Safety Code laws as they relate to their ability to withdraw a Certificate of Occipancy.As you may already know, I've spoken at our state's annual code enforcement conference and follow multiple cities fairly closely.

Be patient and don't put all of your eggs in one basket. 

Those buys look to have reasonable safety margins, just in case the appraisals fall a bit short, or the allowable LTV falls to 70% instead of 75%.

I can't speak on how demo is done in certain states but from what I could tell you being a license contractor here in NY and you being in NJ which should not be much difference is do the following steps.1- have them demo and take everything plumbing and electric.2- the only scrap metal you should keep is copper, but also negotiate with the demo grew to reduce some cost if they want the copper, all other scrap metals are not word it.3- has for the electric, just have them leave you 2 plugs because that's all you need until you update all your electrical. mostly all power tools are cordless so I doubt you will blow a fuse and you don't need any light because you work will be done during the day.ALSO NOTE: do not have anybody mess/touch/remove with any electrical panel or any electrical box, leave that for a license electrician to do because thats a big safety issue that could bring a lawsuit if a non-license electrician gets any injury for attempting to do so.

I consider myself to be fairly patient with my people and their is a point in a sales relationship where you realize it's time to move on and you fire that customer.

In CA safety has become a huge issue in many ciites.

My parents keep rents low and are "patient" with renters in order to avoid the hassle of people moving in and out--older people like security, I guess.  

That being said, if you are patient, even moderate returns will make a big difference in a few years.