Sure in theory the owner just signs a piece of paper saying you can take over ownership and he'll just up and walk away, as long as you pinky promise to pay the mortgage every month, but I guarantee you that there will be more unexpected hurdles coming. 

I promise, there are about 100 things you haven't thought about (and probably won't until you get bit by it.)

@Edward Mahoney  You're correct that FHA is owner occupied and as memory serves me, it's supposed to be at least 12 months unless there's some verifiable reason like a job transfer.Don't fake the owner occupancy bit. 

He made promises and progress, albeit, slowly.

We are not averse to other regions, the numbers just looked more promising in the north.

Finally, he did gave us promise start date in July but again did not start and we could not get hold of him.So we informed him via email that he is in a breach of contract and do not enter the property without our presence.We are looking to hire other General contractor and start work soon. 

We started with a total of $50,000 from 3 partners and a promise of an additional $30,000 from one of the partners.

What's their process to make sure they deliver on their promises?

Where almost anything decent is in the 600-700,000 ^ price range.Cons-high purchase price-garage needs repairs-most likley no positive cash flow 1st yearPros- House newly remodeled interior ( new kitchen, bathrooms, floors, roof, windows )-two blocks away from me ( convinient distance )-potential equity seems promising.- no rent control

I have a very promising 11-plex that I am looking to partner with investors on.