Property taxes have been a big topic of conversation, and I'm curious - what's it like in your state? 

These are all topics that will give you a leg up on flipping homes, and will translate directly to becoming profitable, faster.

I approached him with my interest in the topic and he shared some info and also asked if I may want to be a gap lender (or other avenue of lending) for some of his deals.I thought it all sounded good and am now preparing for my first deal with him.I am primarily concerned with my risk in this deal.

And you're right, anytime I've gotten a different answer from multiple people in code enforcement on this topic. 

When I search google it doesn't pull up a whole lot, just some generic info and sometimes off-topic stuff.     

see these threads.https://www.biggerpockets.com/forums/12/topics/1171104-the-m...https://www.biggerpockets.com/forums/48/topics/1159104-overl...there are definitely states / markets where 250K would buy you a solid deal. 

It's great to have you here.Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/m...Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/a...Read Beginner’s Guide: http://www.biggerpockets.com/r...Check out BP Money Podcast: https://www.biggerpockets.com/..Wishing you the best!

The concepts, techniques, investment methods, property management, finance, urban planning, and land development of real estate are the main topics of these programs.

Our company wrote a blog series right here on BP about this topic, but if I copy the link here, we are flagged by moderators for "self-promotion"!

https://www.biggerpockets.com/forums/51/topics/1113749-cost-segregation-faq