Areas like Fountain Square and Broad Ripple have great opportunity, but from what I uncovered, Fountain Square is more of a FLIP area with low rents and rent/value ratios don't pencil with a fully REHABBED property.

At the very least, there could be a major problem that you uncover that your friend is completely and honestly unaware of.

Anytime you start doing major repairs (replacing a whole roof) you run the risk of uncovering other damage or deterioration that must be addressed per code. 

The luxury condos and apartments are good for our value and rents (I own/ manage a 4-plex on 3rd st just behind Rio Salado Pkwy) My 1 bedrooms rent for $775 a unit fully remodeled granite, SS appliance, laminate but this is with shared laundry and uncovered parking 600 sq/ft. 

I'm sure the inspection will uncover myriad things but most of it I will likely not fix. 

You are making it seem like the O.P. uncovered some previously unknown or propitiatory information which is unbelievably naive and honestly pretty egotistical out of the O.P.

I still went on obviously, but now this has come up so I'm just curious will we keep uncovering things of the sort.

There's 3, and a simple google search will uncover more, there is also crowdfunding platforms to look into (another google search).

I have not done lien research before so I am curious which due diligence sources you used on your deal to uncover all liens because this developer obviously missed the IRS liens.

If they uncover something that I did not know about, I may renegotiate if it is prudent.As a buyer, I expect the seller and agent to tell me everything upfront.