I remember reading about a horror story where an investor purchased a vacant property where the pipes ran dry and they basically exploded when tenants moved in, causing a major headache.

Furthermore, if we agree to a 50/50 split, we agree in that during good or bad, as well as if we decide to offload the property, but how could I give Bob security in that if we made $0 and the mortgage had to be paid, that he wouldn't be hung out to dry and foot the bill himself, aside from my word?

While waiting to hear back from the insurance coverage department, we contacted a second remediation company who said they would put everything back together after the drying work if need be, so we send out the second group to assess the damage.

Especially, after seeing how easy these companies are quick to leave guys high and dry. 

Benefits of post framing include but are not limited to: more efficient use of lumber, thicker wall cavities, large roof spans and quick to dry-in.

Construction/rehab numbers is an area many new investors “guess” and quite often fall very short, sometimes to the  degree the project is failing before the ink on the closing papers are dry.  

Could have been a bad timing coincidence If a tenant wanted to bring in their own washer and dryer I'd be happy, no wear and tear on my items and no service calls when the washer doesn't work or the dryer doesn't dry.

I am doing a flip that has a 480 square foot room off the kitchen, 4 windows, double exit door, sub floor, dry walled, heating vents, electrical outlets.

In some states, this can be tricky, as they do not allow what is called a 'dry closing' -- where you essentially use the end-buyers funds to fund both closings - but in states where that is legal, or frowned-upon, you'll need to find a private/hard-money lender who is willing to offer 'transactional funding' (usually for  fee). 

TBH should have been identified back at the preapproval stage.If anyone is curious, I believe the guideline came into effect to stem the flow of inbound capital from sources unknown getting parked in American rental real estate that matched certain criteria.