He did as you thought, held it for a friend and then the employees dropped the ball and didn't follow up. 

If you are convinced this is the guru you want to follow, pick up a cheap resale on amazon or ebay...read and study it cover to cover. 

We don't have that many properties for admin yet, we aim for properties that make at-least 60K a year in revenue, which has proven to be a slow crawl for our company and are not growing at the pace I would like.

We typically take out cash flow 1X per year close to the end of the year based on what is left in the operating account and our thoughts on proposed work to the property the following year.

My wife and I don't want to follow the scale up construction company model (we already did and it wasn't the best).We do a lot of labor on our projects and are looking in to the future and realizing our bodies will not hold out over time.

I would do the following: Get a really good home inspection, if anything comes up, do not close until the things are fixed.

Hoping that I can get tips on any of the following questions so that I get best put my nerves at ease.

I think this is proven that even in ponzi criminal case, if asset has good valuation and the law is being done properly, we will get our money back as investor.

Is there anyway to use the remaining 40% on the following year? 

Hi guys - we are about to close on a property soon in Philly and are planning to do the following work - -Add HVAC, Add a full bathroom and add a half bathroom, Fix kitchen (keep same layout)My contractor is saying that (Approach - 1 ) - we don't need to pull permits.