This would give some confidence that the property that you spend time and money vetting actually will be auctioned off. 

I'm not a fan of their debt when I'm not in control. 

I usually spend my time, if the seller is present, keeping him/her out of the way if needed, pumping tenants for info, taking measurements for room sizes and drawing floor plans with doors and windows and noting appliances and taking pictures.We look for value add properties that are in decent structural and mechanical condition (except for one deal that we got really cheap).

I'm not a home inspector, but I point out many items to the buyer, so the buyer enters into the purchase agreement with eyes wide open before spending money on a home inspector.

Don’t waste time working on impossible or near impossible deals just because you have extra time; spend that time in efforts to find doable deals.2.

You need to be able to come up with this really before you spend money on a civil for plans that tells you it won't work.

Amount of money you spend matter (big players spend tens of thousands of dollars per month on marketing).

Without a financial education - it's hard for him to discern which.What he should NOT do is to buy toys or spend it on fun because it'll quickly be gone.If he was financially savvy or versed in real estate - he could even buy a small apartment complex and self manage it if he had some property management skills.Advice should be catered to him specifically though, blanket advice isn't that helpful.

After a third infraction, you terminate their lease and move them out.Take control, or they will control you.

One of my clients that does heavy rehab and is his own GC usually spends about $10k-$20k/month during a project.