If it looks like **** and smells like ****...

If you had chosen to just flip the Contract to someone else "as is" (no repairs) for no other profit margin, you still would have kept that $200K that would have been spent on renovations, no fuss, no foul, it's your money.In month 14 after you have spent a lot of time and $200K on repairs, the owner gets drunk and plows his car into someone else and is found liable for killing someone. $2 million judgment against him. 

The relative exchanges his 100% interest in a $400k property for a 50% interest is a $800k property, with the other 50% acquired with cash by his partner.But this phrase from the OP "I was planning on partnering with the individual once we purchase the like kind property together" smells like their plan is not that straightforward, and some pieces have not been disclosed.

After my text this morning, My tenant texted back: 'I am very sensitive to molds and have not been feeling well the last couple of days so please do  as I am sure you would ensure inspection is thorough for that and the bedroom smelled very musty when I got home from work last night'.

So, in the North, best case you’re fighting an uphill battle with a lot of uncertainty.

We made a mistake and allowed cats, the urine smell is unbearable.

Hello I have a quick question and by the title I'm guessing you have a vague idea already of what it is.My husband and I have recently bought our first investment property and so far we haven't had any problems with the inherited tenants except for smell, which I've been able to subdue thankfully, but this morning one of our tenants has been taken in under the law and we're not sure how to proceed.What I mean is do we let them keep living here and is there a risk of it happening again?

Anything can be fixed and that includes smoke smell.

But if the repairs and maintenance is more than $60/month per unit, I can smell a potential opportunity.

If they are new to the game then dig deeper into their property management background and see if it passes the smell test.As for questions, the basic business stuff like insurance, are they properly licensed, have a company formed properly, their rates, the timeline to do repairs, their experience with collecting rent from tenants like yours, etc.