Lots of potential environmental gotchas in that area.Also I would look into modular homes (If Springfield's Historic preservation society will approve).

If an issue occurs, would the operator do everything in there power to protect/preserve investor capital? 

This makes a decision to leave emotionally difficult.The numbers $300K+ value, nice neighborhood, park across street, forest preserves nearby, friends all around area from 5 min to over an hour away.

Everyone from servicers, custodians, attorneys, realtors, title companies, preservation companies, insurance, the amount of mistakes they make is shocking. 

There are also sellers who aren't looking for growth but preservation.

Asset Preservation (APIEX) is a very fine 1031 company and has been around for a long time if you end up working with them.  

I'm not sure if expenses for a citation (or to fix the problem) will be considered "value of preservation improvements".

So the imperative is for Congress to pass the second stimulus bill as quickly as possible and help American families survive and preserve our economy, rather than punishing them by cutting unemployment relief.

Investing capital needs to be preserved: #1 rule of investing.  50% loss needs a 100% gain to get back to par. 

Make it clear up front1. the term you plan on borrowing for2. what it will be used for, including property address3. payment and interest terms4. end game or exit strategies5. what the borrower and lenders role is (lender vs equity partner)the last 2 are important to preserving a relationship. have plan up front for if things go wrong. also, make sure they are aware they are a lender, not equity investor on the property, and you control all aspects of the project. in return they get a steady return. private money from friends/family can be one of the best sources of capital, but you have to understand the person you are approaching. i have very close family members that i would never ask to lend because i do not want to jeopardize the relationship based on their personality.