He can fight the seller to still buy the property but you are out of the deal and want your money whether he signs cancellation or takes it from his pocket.Key thing is focus on your agreement / contract and your rights.

Also, can any investors recommend a reputable property management firm? 

Access to Cash Value: A properly structured permanent life insurance policy (like an IUL or whole life) can build cash value that you can borrow against for property acquisitions, renovations, or even as a safety net during market downturns. 2.

You can list the property as a "net listing" and take the difference over what the seller is willing to sell for that way. 

I'd say the biggest landmine to watch out for is our property taxes.

(FWIW,$8K on just the compressor seem excessive.)Otherwise, unless your contract with your GC says they will provide 24/7 surveillance, or you can prove the AC was never installed, you own the problem.If the property has been vacant for more than 30 days, most policies won't cover vandalism unless you have added a Builders Risk Addendum.

Depending on the State in which the property is located, foreclosure starts through a judicial process or a non-judicial process. 

After making the improvements to the property, it generates $995 per month in cash flow.

I am planning to offer an equity position to a friend in a property I am currently in the process of refinancing.

@Marc DeLeonibus Hey Marc, I did not end up purchasing the property.