Get into details on how renovations are done with units occupied, what systems they use to mitigate tenant fraud on applications, how they set price levels for the units?  

Risk can be mitigated by having cash reserves.

She wants to put proceeds into a strategy that is not real estate, which obv presents challenges for tax mitigation.

I drive a Tesla… it’s a really fun car… but has so much acceleration you can get yourself in a dangerous situation if you don’t respect its capabilities… especially as a new driver.  

If you're curious - read it here: https://www.biggerpockets.com/forums/51/topics/1221700-rant-...In closing: The dangers of shifting the timing (of your income, expenses, and business transactions.)A purely mathematical exercise may indicate some beneficial timing for this or that.

How to mitigate unexpecting costs that come up, is a battle that happens on every deal, but how we handle it is to keep the reps up.

You just mitigate it as best you can, carry good STR insurance and roll the dice!

Now there is danger in that of course 1. you can miss something  2. when you go to resell if the title companies representing the bank or new buyer dont know you and they are not title company prepped deeds they may refuse to insure the next transaction as they may think the risk of title fraud is too great to take it on.  

If he sees a guardrail loose or dangerous electrical installation, call it out.

That is what often happens with many of these Co-GP's and gets dangerous when they are relying on their embellished track record to raise money from others.