You start to dabble in other trades and eventually you're skilled in enough trades. 

Need to determine how long you expect to own the property and whether that is a good trade off.

It’s likely a scam, or a bunch of “trade lines” at vendors.  

@Andy MirzaThe ERISA plan asset rules may come into play if pension funds are used unless the funds main line of business is the development of real estate (REOC), or the fund is a publicly traded company registered under the Investment Company Act of 1940.To qualify as a REOC the fund must invest at minimum 50% of its assets in qualifying real estate considered managed or being developed.

It's a trade off they understand will be more profitable in the long run.In the past, I have picked up a lot of Landlords from eviction court. 

Allowances can be made for seasonal employment, typical for the building trades and agriculture, if documented by the lender.When analyzing the probability of continued employment, the lender must examine the borrower’s past employment record qualifications for the position previous training and education, and the employer’s confirmation of continued employment. 

Finally, use CBRE's 'Multifamily Cap Rate Survey First Half 2018' report to determine what cap rate stabilized properties of similar class are trading for in your area.

I would think his discharge would have to go directly to the storm sewer system, as per permitting design, but I don’t know how that works in your area.If you could trade up to a better property, I’d certainly look at it.You might want to go down to the building dept and look at his plans, assuming it is that far along.

It's questionable whether the IRS would classify this as a 'hobby' instead of a trade or business as its not continuous. 

You can beat the Chinese drum all you like but even the BC government's survey proved (the survey that was used to put in draconian investment laws which resulted in the market slowing down) that "Chinese" buyers are less than 10% of the entire volume traded - in BC!